Aiming to limit the economic fallout from this month’s failed coup, Turkish Prime Minister Binali Yildirim said the government plans a multibillion-dollar infrastructure fund to keep growth on track.
“Here is what we are telling global investors: Life is back to normal in Turkey,” Yildirim said.
The economic impact to the upheaval has so far been limited mainly to the markets and a downgrade of Turkey’s credit rating by S&P Global Ratings.
“It has not been a devastating effect,” Yildirim said, noting the government is committed to keep strong growth on track. He provided few details on the new “wealth-management fund,” beyond saying it would be worth “tens of billions of dollars” and would not threaten the country’s low budget deficit, Bloomberg reports.
“Our banks will shift to a mentality of loans directed towards economic growth without capitulating on their lending criteria,” Yildirim said. “If necessary, preferential interest rates will be applied to investments in priority areas, while the difference will be paid for by the state’s loan-guarantee fund.”
