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Yen Loan for the Republic of Turkey: "Post-Earthquake Support Plan for Small and Micro Enterprises (Unofficial Translation)

December 21, 2023

On December 20 (local time), in Ankara, the capital of Turkey, a letter of exchange regarding the yen loan for the "Post-Earthquake Support Plan for Small and Micro Enterprises" (maximum limit of 200 billion yen) was signed between Kenro Aoyama, Chargé d'Affaires ad interim of Japan to Turkey, and Mr. Kerem Dönmez, Director General of Foreign Economic Relations of the Ministry of Treasury and Finance of Türkiye.

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This assistance is part of the new support measures announced by Prime Minister Fumio Kishida during the Japan-Turkey summit phone meeting on July 6, aimed at aiding Turkey's recovery and reconstruction efforts following the earthquake.

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Project Overview: The project provides liquidity support to small and micro-enterprises affected by the earthquake in southeastern Turkey in February of this year, helping them resume operations and restore employment. It is expected to contribute to the region's recovery and reconstruction.

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Loan Terms:

1. Maximum loan amount: 200 billion yen

2. Interest rate: 0.1%

3. Repayment period: 40 years (including a 10-year grace period)

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Additional Information: On February 6, 2023, a magnitude 7.8 earthquake struck southeastern Turkey, with the Turkish government reporting over 50,000 deaths and more than 115,000 injuries.

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Basic Data on Turkey: The Republic of Turkey covers approximately 780,000 square kilometers, has a population of approximately 85.28 million (2022), and a gross national income per capita of USD 9,380 (2021).

Source:

https://www.mofa.go.jp/mofaj/press/release/press4_009866.html