Banks provide huge support for tourism investments in Turkey

Tourism has certainly been one of the main revenue sources for Turkey for years. All governments have attributed great importance to this sector in consideration of this fact. In this prospect an unparalleled financial support has also been extended during most administrations.

Within this scope it has been reported that loans provided by the banks to the tourism sector has increased by 282 percent over the last 5 years to reach TL 61.4 billion. Based on information collected by the Banking Regulation and Supervision Agency (BRSA), the amount of loans granted by the Turkish banking sector in the field of tourism, which was TL 49 billion 771 million at the end of September 2016, rose to TL 61 billion 353 million as of September 30, 2017.

The increase in loans extended to the tourism sector was recorded as 23.3 per cent on an annual basis. In the last five years, the increase in tourism loans was 282 percent. Meanwhile, the loan volume was at a level of TL 16.1 billion lira in September 2012.

While Istanbul is in the first place with a volume of 24 billion 369 million TL in the credits extended to the tourism sector, it is followed by Antalya with TL 17 billion 603 million, Ankara with 4 billion 741 million, Muğla with 2 billion 594 million and İzmir with 1 billion 109 million.