Turkey: € 500 million for micro and small businesses to mitigate negative effects of Covid-19 on the economy

Erdogan spoke on April 29 on the occasion of the inauguration of a production unit of explosive components for the military industry.

He first of all insisted on the progress made by the military industry in recent years.

“We will no longer rely on anyone for the explosives for our bombs, ammunition, missiles and warheads,” he said.

The Head of State took the opportunity to announce an aid package of 5 billion Turkish liras (around 500 million euros) for micro and small businesses in order to mitigate the negative effects of the pandemic of Covid-19 on the economy.

Thus, “Micro-enterprises will receive up to 30,000 pounds, small businesses up to 75,000 pounds, repayable after 3 years, all without interest”, announced President Erdogan before continuing:

“The cash allowance of 1,000 lire for families in need will increase to 1,100 lire. For this, we have allocated a resource of 2,540 million lire. In addition, an additional envelope of 183 million lire has been allocated to Social assistance and solidarity foundations to enable them to support families in need. Our various institutions, especially our municipalities, continue to support our nation with many projects in this process. “

Source Anadolu Agency