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Turkey to Let Tourist Companies Delay Loan Payments on Slowdown

  • Prime minister proposes plan to delay $98 million of loans
  • Bad debt from industry growing amid terrorist attacks
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Turkey plans to help tourism companies restructure bank debt after a series of bomb attacks and Russian sanctions curbed the industry’s growth and led to a rise in bad loans.

Under a government proposal, firms may be allowed to postpone repayment of 288 million liras ($98 million) of credit, Prime Minister Ahmet Davutoglu said in a televised press conference in Ankara on Monday, without giving details. Turkey will offer an additional 255 million liras of support to the industry as well as give tourism companies with annual sales of $700,000 or more access to benefits currently available to exporters, he said.