VakıfBank secures 200 million euro credit for Turkey-Italy trade

VakıfBank has secured 200 million euros in financing from ING Germany through a 10-year term. The credit is backed by a 95 percent guarantee from SACE, Italy's official export credit agency.

The funding is intended to meet the financing needs of customers engaged in foreign trade with Italy, aiming to support and increase the trade volume between Turkey and Italy. VakıfBank General Manager Osman Arslan noted that the bank has secured a total of 2 billion dollars in new resources under the guarantees of various international organizations, including Austria's OeKB and the World Bank Group's IBRD and MIGA, since the beginning of the year.

Ciro Aquino, SACE's Regional Director for Africa, Turkey, and the Middle East, stated that the transaction serves to support the growth of Italian companies in international markets and increase their competitiveness in strategic markets.