The loans provided as part of the Advanced, Productive, Indigenous, Industry (İVME) Financing Package for real sector enterprises surged 106% in October and reached TL 24.5 billion in October, Treasury and Finance Minister Berat Albayrak announced Friday on his Twitter account.

The minister remarked that the government introduced the İVME financing package to support Turkey’s new growth model ensured with value-added production and local machinery acquisition. "We will accomplish our target of 5% growth next year," said Albayrak.

"In accordance with our high quality and sustainable growth target, the İVME financing package that supports exports, value-added production and domestically manufactured machinery acquisition successfully continues," Albayrak noted. The allocated credit limit set TL 9.5 billion in September has reached TL 21.9 billion in October with an increase of 130%.

The İVME Greenhouse financing package provided by state lender Ziraat Bank to mitigate the fluctuations and volatility in food prices has been recorded at TL 2.5 billion. A total 3,106 firms operating in raw material manufacturing benefitted from TL 14 billion in loans while 2,544 enterprises received a total of TL 5 billion in financing.

In machinery production, 2,371 firms were allocated TL 6.3 billion in loans while 2,413 companies received TL 3 billion. In October alone, the total amount of loans allocated as part of İVME general financing and İVME Greenhouse financing projects reached TL 24 billion.

In May, Minister Albayrak announced a TL 30 billion financing package from İVME for sectors that have export potential but are saddled with a foreign trade deficit and high import dependency; it provides an innovative and important possibility for banks to hedge the assets in their balances with the actual consumer price index and the government debt security index.