World Bulletin / News Desk
The fund is being increased from 2 billion liras ($555 million) in a bid to boost domestic spending and stimulate the economy.
Speaking at a meeting of company heads in Istanbul, Simsek said the bill was expected to pass through parliament on Friday night and would cover non-performing loans at up to 7 percent of all loans -- an increase from the current 3 percent.
“This is a really serious boost to the real sector,” Simsek said, referring to both the agricultural and industrial sectors.
He added: “The bill, which will go through today, will have the impact of providing collateral of up to 250 billion liras [$69.40 billion]. This is a very serious figure.”
However, he said cheap credit could only be provided in the long term if savings increased.
“The thing we should do is clear the way for the real sector by implementing structural reforms,” he said.
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Borsa Istanbul's BIST 100 index exceeds 93,400 points during Monday transactions
The French vote was being closely watched as a bellwether for populist sentiment following the election of Donald Trump as US president and Britain's vote to leave the EU.
IFC CEO Philippe Le Houerou said the fund will "lower the risk for the private sector and attract new investors -- essentially creating a market where there was none."
BIST 100 index opens 0.67 percent higher, US dollar/Turkish lira rate stands at around 3.64
Tightening monetary policies will continue to achieve lower inflation levels, Murat Cetinkaya says
Company will manage operations in 65 countries through Turkey, says head of healthcare group
"We might have to extend in order to reach the target... of stock levels," Khalid al-Falih told an energy forum in Abu Dhabi, referring to a deal between OPEC and non-OPEC producers to cut production by around 1.8 million barrels per day.
BIST 100 index opens 0.40 percent higher; US dollar/Turkish lira rate stands at around 3.66
Crude prices plummet to two-and-a-half month low
Businesses in Turkey expect structural reforms following referendum, says rating agency
"We are optimistic that the policy measures we have taken already place us on the path of recovery," OPEC Secretary General Mohammad Sanusi Barkindo said at an energy forum in Abu Dhabi.
The IMF said "hundreds of millions" of people have been lifted out of poverty through economic integration and technological progress, "helping to reduce global income inequality."