28.02.2022
Continuing to implement products and services specific to the agricultural sector, Kuveyt Türk cooperated with the Turkish Product Specialization Exchange. Aiming to deepen the sector, Kuveyt Türk will provide financing support to farmers and investors under appropriate conditions with ELÜS guarantee.
Standing out with its innovative products and services, Kuveyt Türk will continue to support the agricultural sector with its Self-Secured ELÜS Financing as well as providing financing to farmers and investors by accepting all Electronic Product Notes (ELÜS) without margin within the scope of its cooperation with Turkish Product Specialization Exchange (TÜRİB).
“We will continue to support financing with ELÜS guarantee”
Abdurrahman Delipoyraz, Deputy General Manager Responsible for SME Banking in Kuveyt Türk, stated "The coronavirus outbreak has once again shown how important it is for our farmers to process the fertile lands of our country efficiently in order to develop our country and meet the basic food needs. We are always on the side of farmers with our products and services in order to increase development in agriculture, to contribute to employment and to create added value. In addition to our agricultural financing supports, we finance the expenditures such as diesel, fertilizer, pesticides, agricultural equipment, seeds and seedlings they need in agricultural activities with our Seed Card and postpone payments until the harvest period. We are increasing our support to our farmers and investors by cooperating with TÜRİB. Within the scope of our cooperation, we will use ELÜS, which our farmers provide in return for the products they deliver to the licensed warehouses, under appropriate conditions by accepting the guarantee. In addition, we will continue to support the agricultural sector with Self-Secured ELÜS Financing. We are pleased to contribute to the deepening of the market through our cooperation with TÜRİB. We will continue to support the agricultural sector with our new products and services."
“ELÜS collateralized loan volume increased 5 times compared to 2019”
Assistant General Manager of TÜRİB Necla Küçükçolak stated "We attach importance to cooperating with stakeholders in order to financialize agricultural products in our country, to provide farmers with access to finance and to improve product brokering. Thanks to the transparent, reliable and liquid trading platform established with ELÜS Exchange, which we launched in 2019 as a national stock exchange, we serve the widespread use of licensed warehousing and ELÜS through the use of financing from banks by guaranteeing ELÜS, and thus food supply security. In order to facilitate the acceptability of ELÜS as collateral, the relevant legislation has been amended with the support of the Banking Regulation and Supervision Agency in order to take ELÜS into consideration with a higher collateral rate and classified under ‘Second Group Guarantees’. ELÜS secured loan volume increased 5 times compared to 2019 and reached 1.343 million tons of products by the end of 2021. In our stock exchange, 17 agricultural products are traded as ELÜS and 6 products were subject to credit in 2019. As of 2021, this number has increased to 15 products. This success was signed with our banks. As TÜRİB, we are happy to cooperate with Kuveyt Türk in order for our farmers to be informed about ELÜS financing and to benefit from the advantages to be offered.”