The Central Bank has launched a new Investment Commitment Advance Credit (YTAK) program for investment projects of 1 billion TL or more that will undergo technology and strategy evaluation. The program envisages an allocation of a limit of 300 billion TL over three years, with an annual limit of 100 billion TL.
The purpose of the Investment Commitment Advance Credit (YTAK) is to provide investors with access to long-term investment credit under favorable conditions, to accelerate high-technology investments, to contribute to current account balance and price stability, and to strengthen the National Technology Initiative journey.
The program will be based on the Strategic Priority Product and Technology Area Lists published by the Ministry of Industry and Technology. These lists consist of two parts: a Strategic Priority Product List comprising 281 products and a Technology Area List comprising 261 items. The products and technologies included in these lists were determined by considering criteria such as the country's development goals, current account deficit, external dependence, added value, export potential, competitiveness, technological intensity, and strategic importance.
Investors wishing to apply to the program will submit a file to the Central Bank containing the details of their investment project, financial plan, and technology and strategy assessment, by filling out the application form available on the Central Bank's website. The Central Bank will evaluate the applications and allocate credit limits to projects deemed suitable. Investors who are allocated credit limits will sign a protocol with the Central Bank for the use of the credit. Credit disbursement will depend on the progress of the investment project. The interest rate will be determined by the Central Bank. The loan term will vary between 5 and 10 years depending on the nature of the investment project. Credit repayment will begin after the completion of the investment project.
The Central Bank will monitor the progress of investment projects and the use of credit. If an investment project is not realized, if the credit is used for purposes other than its intended purpose, or if credit repayment is not made, the Central Bank may cancel the credit limit or increase the interest rate.
The Central Bank's new loan program offers a great opportunity for investors. Supporting technological and strategic investments will greatly contribute to our country's economic and social development. As part of the National Technology Initiative, this program will position our country as stronger and more independent. Investors wishing to apply can review the announcements published on the Central Bank's website and in the Official Gazette.
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