Turkey grants $140 million to small businesses, industry minister says

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ISTANBUL (Reuters) – Turkey will provide 734 million lira ($140 million) in fiscal support for more than 2,500 small and medium-sized businesses, Industry Minister Mustafa Varank said on Tuesday, as part of a programme aiming to increase high tech production.

Turkey has been battered this year by a sell-off in the lira that has sent inflation soaring to 25 percent, hitting the outlook for growth and sparking concern about the impact on the real sector.

Industrial production fell 2.7 percent year-on-year in September, its biggest dip in at least seven years, heightening expectations that the economy is set for a recession.

Varank said the grants aim to support projects worth around 1.5 billion lira and create more than 6,000 jobs.

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