ECB President Draghi: “Downward Risks Still Prevail Regarding the Growth in Euro Zone”
Draghi: “We will continue with our bond-purchase program for longer periods if deemed necessary and will continue to support the economy.” The growth rate estimate of the Bank for the Euro Zone has been 1.7% for 2017 and 1.6% for 2018
Prime Minister Yıldırım Announced New Support Decisions in Economy
According to new EKK decisions, a credit volume of TL 250 billion will be built with the Credit Guarantee Fund, TL 50 thousand loan will be secured for KOBİs on three years term with a grace period of first year. SGK premium payments will be postponed
The Treasury Will Make a Foreign Debt Payment of $ 11.3 Billion in 2017 from the Central Administration Budget
According to the Central Administration Foreign Debt Payment Projections, the Treasury will make a foreign debt payment of $ 9.8 billion in total within the 11-month period between December 2016 and October 2017. The highest level of debt services will be realized in February at an amount of $ 2 billion and in July at an amount of $ 2.7 billion
Fitch Ratings Changes the 2017 Outlook of Turkish Banking Sector to "Negative"
"Political uncertainty may hinder Turkey's long-term economic performance and the asset quality of banks. One third of the total amount of credits is made up of foreign currency. The sharp decline in Turkish Lira increases risk exposure. As the funding markets remain closed longer, this may create pressure on liquidity of banks and foreign funding of Turkey in general."
Undersecreteriat of Treasury Signed a Protocol with Credit Guarantee Fund
Vice Prime Minister Mehmet Şimşek: "This is an important protocol that will make it easier to use resources over credit guarantee fund and significantly reduce bureaucracy. With SMEs at the focal point, within this framework we are making access of the companies other than SMEs to funds possible making the use of funds more flexible Banking sector will facilitate crediting by themselves. We are increasing treasury warrantee. We are providing up to 85 percent warrantee to SMEs. It is 100 percent for the exporters. Our resources at this point allows for a credit volume of up to 20 billion Lira."
IC Içtaş-Astaldi Partnership's PPP Model St. Petersburg High Speed West Beltway Inaugurated
St. Petersburg High Speed West Beltway, in St. Petersburg, Russia, constructed on 2.2 billion Euros on PPP Model by the Joint Venture started by IC İçtaş and Italian Astaldi, has been inaugurated by Russian Head of State Putin.
YİK Meeting of TÜSİAD Was Held in Ankara
Prime Minister Binali Yıldırım: "This fluctuation in the economy will perhaps continue for another 1.5 month. Things will get better once the new president of the US has assumed the office. No need to worry; we will overcome this too." Özilhan, the Chairman of TÜSİAD YİK: "We are bothered by the loss of value in TL. Responding the current attitude of the EU with fury would have undesirable consequences." Symes, the President of TÜSİAD: "We demand that the state of emergency be ended. Turkey needs normalization."
Limak Holding Executive Board Chairman Nihat Özdemir has Explained their Energy Investment Targets
Özdemir said, “We act as contractor of two dams on behalf of Statkraft. They proposed to sell and we accepted the proposal. Çetin under their license will be of 420 MW, Aşağı Çetin 97 MW installed capacity. These dams seem to cost us USD 700 million. Of this investment, minimum USD 150 million will be met from own sources. We might consider to buy Pervari HEPP of 221 MW, another power plant designed on River Botan. We will discuss this with Enerjisa. Financing debts of our Alkumru Dam will be closed in 2020. In other word, we will have no financing difficulty.”
IEA’s Global Energy Outlook Report November 2016
Following Paris Agreement took effect in November 2016, transition to clean enery process stepped up. Each year USD1.8 trillion investment is being made on clean energy. In 2016-2020 period, 4 thousand 112 gigavat will be included into the renewable energy installed capacity. Natural gas will be second in line with 22%, coal third with 14%, nuclear fourth with 5% and oil fifth with 2%. In 2016-2040 period, 57% of 7 thousand 184 gigavat additional capacity to be included into the system will be of renewable energy. Until 2040, USD7 trillion 78 billion source transfer will be made to renewable energy".
OECD's Global Economic Outlook Report of November 2016
"Global economy is trapped in "lower growth" however, moderate growth can be attained by actively implementing the monetary policies. Investment and trade are weak. Political uncertainties and financial risks are high." OECD reduced Turkey’s 2016 growth estimation below of 3%, to 2.9%
Garanti Bank Sourced a Syndicated Loan of USD 1.3 Billion
For the loan made up of two segments, USD 626 Million and Euro 615.5 Million, to be used in financing of foreign trade, 34 banks from 15 countries participated...
World Bank, Turkey Regular Economic Note November 2016
"We revise our growth projection for 2016 from 3.5% to 3.1% because private investment and consumption appear to have slowed down. The Government plans to ease fiscal policy in Q4 to support growth amid weakening private demand.
Mick Stump, the President of BP Turkey: "Our Priority Is to Complete Southern Gas Corridor in a Timely Manner and within the Planned Budget"
"50 percent of Southern Caucasian Pipeline is complete. 80 percent of the Shah Deniz phase 2 project is also complete. Our objective is to supply gas to Turkey in 2018 and to Europe in early 2020." "Turkish Stream is an alternative source for security of natural gas supply. There is a large market in Turkey with the potential in Balkans. The market promotes innovation while it lowers the costs. This will always provide advantages to market players."
Fed Chairwoman Yellen's Testimony Before the US Congress Economy Committee
"I expect economic growth to continue at a moderate pace sufficient to generate some further strengthening in labor market conditions and a return of inflation to the Committee's 2 percent objective. the case for an increase in the target range had continued to strengthen and that such an increase could well become appropriate relatively soon"...
Tekfen İnşaat Signs a Contract for Construction of a Pipeline with Saudi Arabian Aramco
Having undertaken the turnkey construction of 333-km pipeline project between Yanbu and Jeddah has signed the final $299.312.000 agreement with the Saudi Arabian company Aramco...
August 2016 Unemployment is 11.3 Percent
Unemployment in August 2016 reached its peak since February 2015 with 11.3 percent. Unemployment in young population reached 20 percent
The Central Budget Incurred a Deficit of TL 104 Million for October
In the October 2016 term, the Central Budget expenses increased by 18.9% reaching TL 43.5 billion whereas the Budget incomes were 1% lower corresponding to TL 43.4 billion. In October, the Central Budget incurred a Deficit of TL 104 million. For the January-October term, Central Budget deficit reached TL 12.1 billion
Nevzat Şatıroğlu Has Been Posted as the Director General of EÜAŞ
Ministerial Advisor Şatıroğlu has been alternately assigned the positions of the Director General of EÜAŞ and the Chairman of the Board…
SOLARTR 2016 Conference
The Congress that will be held at İstanbul Pullman Airport Hotel & Convention Center between the dates of December 6 and 8, 2016 aims to gather all of the parties from the researcher to the industry and from the public to the contractor
5th Turkish Wind Energy Congress (TÜREK 2016) (IV)
Denmark Ambassador Olling, "Denmark may assist Turkey in various fields such as financing facilities, partnerships, low interest loans and feasibility studies." Kıvanç Zaimler, CEO of Enerjisa: "Predictability is a dream. Predictability is always a difficulty. For this reason, we are here to manage the risks. There is a huge young population in Turkey and growth potential is also great with much consumption. That’s why, the energy sector will also expand."
IMF Warns Turkey’s Growth May Remain Below Growth Prospects
Quote from IMF’s Regional Economic Outlook in respect of Middle, Eastern and Southeastern Europe reads; "The growth in Turkish economy for the next couple of years may be slower. In 2016, the factors specific for one time driving the growth may be dissolved. Adverse winds caused by the decreasing confidence of the business world may impose more pressure on the investments. Such situation may cause the growth may progress much lower than the prospects."
IFC Will Manifest Their Cooperation with Izmir Metropolitan Municipality as the Best Exemplifying Case in Implementations of Cooperation at the Global Scale
Elena Bourganskaia, the Global Head of Water & Municipal Infrastructure at the International Finance Corporation (IFC) stated that they have manifested their cooperation with the Municipality on tramcar lines, traffic management system, procurement of metro vehicles and purification facilities as the best exemplifying case in implementations of cooperation at the global scale…
5th PPP in Turkey Forum
Organized by EEL Events, and sponsored by Garanti Bankası and Otoyol Yatırım ve İşletme A.Ş. among others, 5th PPP in Turkey Forum, which TEBA will be media partner, will be held in Ankara on November 24-25
Eastern Mediterranean Turkey Energy Summit 2016
At the Summit to be held on November 23-26, 2016 at Adana HiltonSA, current status of offshore Natural Gas fields of Israel and Egypt and energy sources in Eastern Mediterranean, will be discussed from international law, security, diplomacy, technical and commercial dimensions perspectives
Garanti Bank Provided Funds Amounting to € 100 Million to Finance Renewable Energy Investments
Garanti Bank’s Chief Executive Officer Fuat Erbil: “We have confirmed our vision of being the first bank in Turkey which international banks, investors and finance institutions wish to work with, upon successfully having signed an unsecured loan agreement with a back-payment period of 12 years despite uncertainties in foreign markets.”
TANAP Director General Düzyol, Turkish Stream is Not the Rival of TANAP
Düzyol, "Turkish Stream will contribute to supply security by creating route diversification. When investment decision taken within the context of TANAP, 15-year gas transportation agreements were signed and within this context, amount and transportation tariff of gas to be taken from the pipeline were taken under guarantee. For this reason, Turkish Stream is out of question to be the rival of TANAP in short term."
Tekfen İnşaat Signed the Final Contract for the Expressway in Qatar
Tekfen İnşaat signed the final contract worth $ 2.1 billion and undertook the construction works of the 34 km Al-Khor Expressway. The expressway will be completed until 2020…
TCMB, Private Sector Foreign Credit Debt Data for August
As of the end of August, long-term credit debts taken out from abroad by the private sector reached USD 207.9 billion with USD 12.3 billion of increase from the end of 2015. Short-term credit debt (excluding commercial loans) totaled at USD 18.1 billion. The private sector will make a total principal repayment of USD 70.1 billion within 1 year
Ministry of Health, PPP Model Eskişehir City Hospital Project
Akfen İnşaat having undertaken the project, signed a project loan agreement worth € 344 million with Garanti Bank and İş Bank (Türkiye İş Bankası) with a back-payment option of 18 years Akfen Holding’s Chairman of the Board Hamdi Akın: “Isparta, Eskişehir and Tekirdağ City Hospitals which we will put into life with the Public Private Partnership (PPP) model will be equipped with the state of the art technology conforming to the specifications of the Ministry of Health. We have almost reached the end in Isparta City Hospital which is one of the 3 hospitals which we have planned to complete with a total investment of TL 3 billion. We are completing the project 6 months before than the date we had planned.”