Middle-east Arab News Opinion | Asharq Al-awsat

Turkey’s External Assets Surpass $219 Billion | ASHARQ AL-AWSAT English Archive 2005 -2017
Select Page
Media ID: 55379336

Turkish Airlines planes in this photo are stationed at Ataturk International Airport in Istanbul on Tuesday, Jan. 10, 2017. AP

Turkey’s external assets rose by 1.8 percent in the first five months of this year to reach $219.4 billion compared with the end of 2016, the Central Bank said this week.

The country’s liabilities against non-residents also increased by 11.4 percent to reach $638.9 billion over the same period, Central Bank data showed.

The net international investment position (NIIP) – the gap between Turkey’s assets abroad and liabilities – was minus $419.5 billion in May, while it was minus $358 billion at the end of last year.

In another economic development, leading banks in Germany, including Deutsche Bank – the country’s largest- have lined up to finance the third Istanbul airport project.

Previously, Deutsche Bank offered to refinance the first phase financing package for the İzmir-Istanbul highway project. The bank held talks with eight Turkish banks again, and the loan was renewed at a lower rate.

After the commissioning of the third airport in Istanbul, Istanbul Ataturk Airport will operate as an exhibition center, the Turkish Ministry of Transport, Maritime and Communications, said.

Meanwhile, a consortium that won the bid for the Çanakkale 1915 Bridge has two Korean contractors and Turkey’s leading groups Limak and Yapı Merkezi.

Export-Import Bank of Korea (Kexim) Turkey Chief Representative Ahn Sang-Seon said the consortium of banks to finance the project is expected to be formed in August or September and financing will be provided as soon as possible.

Sang-Seon said that Kexim, founded in 1976, has 28 agencies around the world and that they opened their agencies in Turkey three years ago. Yet, investments by Korean companies in Turkey are increasing and their targets are growing.

“We are here to support these investments,” added said.