Rescue package expected for Turkish yards

According to Binali Yildirim, Transport Minister of Turkey, Turkey is expected to finalize a rescue package for the country?s shipbuilding sector by the end of February. As per report the ministry is working on measures to support local companies in the ship construction sector that are hit hard by the global financial crisis. The plan is expected to be presented to the government?s economy co-ordination board for approval.

Yildirim said that “The main objective of the package would be to ensure that ship orders already received will be executed.” The minister did not rule out the possibility that Eximbank, the state-run export credit agency, extend loans for the construction of ships sold as exports. The ministry added that Turkey?s public sector would also be encouraged to place its ship orders with local builders and the state might assume the role of financial guarantor for companies that face difficulties.