Sümerbank
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Sümerbank was a Turkish bank and
History
Sümerbank Textile Factory was established in 1933 as a state owned bank for funding the construction of textile factories and the development of the textile industry in Turkey. A year earlier, in 1932, President Mustafa Kemal Atatürk and Prime Minister İsmet İnönü had secured a foreign credit loan worth 8.5 million Turkish liras from the Soviet Union (which offered the lowest interest rates to Turkey in that period) for the construction of Sümerbank's first textile factory in Kayseri. The first textile production plant in Kayseri was opened in September 1935.[2]
The Soviet Union also provided credit loans and technical assistance for Turkey's First Five-Year Industrial Plan (Birinci Beş Yıllık Sanayi Planı, 1934–1938) which was partially influenced by the First Five-Year Economic Plan (1928–1932) of the Soviet Union. Economists and planning experts from the Soviet Union and the United States were invited to Turkey and prepared reports on how the country should use its natural resources efficiently for industrialization, and how to optimally distribute the factories and industrial plants across the country's geographical regions.[3]
Sümerbank's textile plants produced the highest quality textiles in Turkey during the early decades of the republic, for relatively cheap prices, which enabled the citizens with low levels of income to afford decent clothing. After 11 years of consecutive wars between 1911 and 1922, namely the
Sümerbank was the cornerstone of
See also
- Sümerbank Branch
- Atatürk's reforms
- Kemalist ideology