<\/p>
fatih@fatihoktay.com<\/span><\/strong><\/p> \u00a0<\/span><\/p> \u00c7in\u2019in g\u00fcn\u00fcm\u00fczde geli\u015fmekte olan \u00fclkelerin bir numaral\u0131 finansman kayna\u011f\u0131 haline geldi\u011fini, bu a\u00e7\u0131dan di\u011fer t\u00fcm \u00fclkeler yan\u0131nda D\u00fcnya Bankas\u0131 ve IMF\u2019yi de geride b\u0131rakt\u0131\u011f\u0131n\u0131 daha \u00f6nceki yaz\u0131larda dile getirmi\u015ftik. Ku\u015fak ve Yol Giri\u015fimi ortaya \u00e7\u0131kt\u0131ktan sonra geli\u015fmekte olan \u00fclkelere verilen finansman daha \u00e7ok bu \u00e7er\u00e7evede ger\u00e7ekle\u015fiyor. Bu giri\u015fim \u00e7er\u00e7evesinde verilen kredilerin bir yandan geri \u00f6demelerinde sorunlar ortaya \u00e7\u0131kmas\u0131, bir yandan da bunlar\u0131n verili\u015f s\u00fcre\u00e7leri, finanse ettikleri projelerin se\u00e7ili\u015f ve ger\u00e7ekle\u015ftirilme bi\u00e7imleri, sosyal ve \u00e7evresel etkileri ile ilgili ele\u015ftiriler kar\u015f\u0131s\u0131nda bu alanda de\u011fi\u015fimler ve kredilendirmede daha tedbirli bir yakla\u015f\u0131ma y\u00f6neli\u015f oldu\u011fundan s\u00f6z etmi\u015ftik. Bu yaz\u0131da, ABD merkezli \u00e7ok ayr\u0131nt\u0131l\u0131 bir uluslararas\u0131 resmi finansman veri taban\u0131na sahip bir kurulu\u015fun verilerine dayanarak bu konudaki geli\u015fmelerden s\u00f6z edece\u011fiz.<\/span><\/p> \u00a0<\/span><\/p> G\u00dc\u00c7LER ARASI REKABET<\/span><\/strong><\/p> \u00a0<\/span><\/p> Bu verilere g\u00f6re, \u00c7in\u2019in devlet kontrol\u00fcndeki kurumlar\u0131nca geli\u015fmekte olan \u00fclkelere sa\u011flanan kredi ve hibe nitelikli finansman y\u0131ll\u0131k tutarlar\u0131, 2016 y\u0131l\u0131nda 140 milyar dolar d\u00fczeyinden 2020, 2021 y\u0131llar\u0131nda 80 milyar dolar d\u00fczeyine inmi\u015f bulunuyor. \u00c7in, bu rakamlarla da geli\u015fmekte olan \u00fclkeler i\u00e7in bir numaral\u0131 finansman kayna\u011f\u0131 konumunu koruyor. ABD\u2019nin ve di\u011fer G7 \u00fclkelerinin \u00c7in\u2019in Ku\u015fak ve Yol Giri\u015fimi \u00e7evresinde sa\u011flad\u0131\u011f\u0131 altyap\u0131 finansman faaliyetleri ile rekabet i\u00e7in ortaya koyduklar\u0131 giri\u015fimlerden daha \u00f6nce s\u00f6z etmi\u015ftik. Veriler, \u00c7in\u2019in sa\u011flad\u0131\u011f\u0131 finansmanda azalma olurken, bu giri\u015fimlere ba\u011fl\u0131 olarak ABD\u2019nin sa\u011flad\u0131\u011f\u0131 finansman\u0131n artarak 2021 y\u0131l\u0131nda 60 milyar dolara, ayn\u0131 y\u0131l G7 \u00fclkelerinin topluca sa\u011flad\u0131\u011f\u0131 finansman\u0131n ise \u00c7in\u2019i a\u015farak 160 milyar dolara \u00e7\u0131kt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Yani konuyu ele ald\u0131\u011f\u0131m\u0131zda ifade etti\u011fimiz gibi geli\u015fmekte olan \u00fclkeler i\u00e7in \u00e7ok hay\u0131rl\u0131 bir b\u00fcy\u00fck g\u00fc\u00e7ler aras\u0131 rekabet bi\u00e7imi geli\u015fiyor.<\/span><\/p> \u00a0<\/span><\/p> Ancak \u00c7in\u2019in geli\u015fmekte olan \u00fclkelere sa\u011flad\u0131\u011f\u0131 finansman\u0131n ayr\u0131nt\u0131lar\u0131na girildi\u011finde, i\u00e7eri\u011finin \u00f6nemli \u00f6l\u00e7\u00fcde de\u011fi\u015fti\u011fi g\u00f6r\u00fcl\u00fcyor. Ge\u00e7mi\u015fte sa\u011flanan kredi ve hibeler a\u011f\u0131rl\u0131kl\u0131 olarak altyap\u0131 projelerinin finansman\u0131na y\u00f6nelik iken, 2020\u2019li y\u0131llarda a\u011f\u0131rl\u0131\u011f\u0131n \u00f6demeler dengesi zorluklar\u0131n\u0131 gidermeye y\u00f6nelik kredilere kayd\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. Bu t\u00fcr krediler, 2010\u2019lar\u0131n ortalar\u0131nda toplam\u0131n y\u00fczde 10 dolay\u0131nda bir b\u00f6l\u00fcm\u00fcn\u00fc olu\u015ftururken, bu oran 2021 y\u0131l\u0131nda y\u00fczde 60 dolay\u0131na ula\u015f\u0131yor. Yani G7 \u00fclkeleri altyap\u0131 finansman\u0131 alan\u0131nda \u00c7in ile rekabet i\u00e7in sahaya inerken, \u00c7in geli\u015fmekte olan ekonomilerin Covid d\u00f6nemi ve sonras\u0131nda daha acil bir hal alan \u00f6demeler dengesi finansman\u0131n\u0131 kar\u015f\u0131lamak \u00fczere ba\u015fka bir sahaya ge\u00e7mi\u015f g\u00f6r\u00fcn\u00fcyor.<\/span><\/p> \u00a0<\/span><\/p> KRED\u0130LERDE \u015eANHAY A\u011eIRLI\u011eI<\/span><\/strong><\/p> \u00a0<\/span><\/p> \u00c7in\u2019in sa\u011flad\u0131\u011f\u0131 finansmanda ba\u015fka de\u011fi\u015fiklikler de g\u00f6r\u00fcl\u00fcyor. \u00c7in, 2010\u2019lar\u0131n ortalar\u0131na kadar a\u011f\u0131rl\u0131kl\u0131 olarak ABD dolar\u0131 \u00fczerinden finansman sa\u011flarken, \u00f6demeler dengesi finansman\u0131na kay\u0131\u015fla beraber RMB \u00fczerinden krediler art\u0131yor ve 2021\u2019de bunlar\u0131n oran\u0131 y\u00fczde 50 d\u00fczeyine \u00e7\u0131k\u0131yor. \u00d6te yandan, 2010\u2019lar\u0131n ba\u015flar\u0131na kadar krediler daha \u00e7ok Londra piyasas\u0131na ba\u011fl\u0131 LIBOR \u00fczerinden fiyatlan\u0131rken, giderek \u015eanhay piyasas\u0131na ba\u011fl\u0131 SHIBOR \u00f6ne \u00e7\u0131k\u0131yor.<\/span><\/p> \u00a0<\/span><\/p> \u00c7in devlet kurulu\u015flar\u0131, Ku\u015fak ve Yol \u00e7er\u00e7evesi ortaya \u00e7\u0131kmadan epey \u00f6nceki y\u0131llardan bu yana geli\u015fmekte olan \u00fclkelere altyap\u0131 finansman\u0131 sa\u011fl\u0131yor, \u00c7inli \u015firketler de h\u0131zl\u0131 bir \u015fekilde bu projeleri hayata ge\u00e7iriyor. \u00c7in, bu \u015fekilde bir yandan firmalar\u0131 i\u00e7in pazarlar a\u00e7arken, bir yandan bu \u00fclkelerin y\u00f6netimlerinin deste\u011fi ve insanlar\u0131n\u0131n takdiri gibi politik kazan\u00e7lar sa\u011fl\u0131yor. Ancak bu projelerin fizibilitelerinin do\u011fru belirlenmemesi nedeniyle kredilerin geri \u00f6denememesi sonucunda \u00c7in\u2019in ortaya tahsildar rol\u00fcyle \u00e7\u0131kmas\u0131, projelerin sosyal ve \u00e7evresel etkileri nedeniyle sorunlara yol a\u00e7mas\u0131, y\u00fcr\u00fct\u00fclmelerinde yolsuzluklar\u0131n ortaya \u00e7\u0131kmas\u0131, bu politik kazan\u00e7lar\u0131n zay\u0131flamas\u0131, hatta kayba d\u00f6n\u00fc\u015fme olas\u0131l\u0131\u011f\u0131n\u0131 ortaya \u00e7\u0131kar\u0131yor. \u00c7in, altyap\u0131 finansman\u0131nda frene bast\u0131\u011f\u0131 bu d\u00f6nemde bu sosyal, \u00e7evresel, y\u00f6netimsel riskleri y\u00f6netecek s\u00fcre\u00e7 ve y\u00f6ntemleri olu\u015fturuyor. Bu sahaya, ba\u015fa \u00e7\u0131k\u0131lmas\u0131 iyice zor bir rakip olarak d\u00f6nmesi olas\u0131 g\u00f6r\u00fcn\u00fcyor.\u00a0<\/span><\/p>","slug":"cinin-gelismekte-olan-ulkelere-sagladigi-finansmanla-ilgili-gelismeler","tags":null,"meta_title":null,"meta_description":null,"meta_keywords":null,"news_cover_min":"\/front\/uploads\/blog\/thumbnail\/17282484000uxRVBiG4SYbtcH.webp","news_cover":null,"news_video_min":null,"news_video":null,"view_count":557,"cropped_1200x675":null,"user":{"id":2,"name":"FAT\u0130H","surname":"OKTAY","email":"ozansoy.tuna@akay.com","slug":"fatih-oktay","avatar":"\/front\/uploads\/avatar\/1733691600qSRn7kb3ZZVHU3t.webp","status":1,"role":1,"email_verified_at":null,"orde":null,"created_at":"2022-09-15T09:39:41.000000Z","updated_at":"2024-12-18T14:51:22.000000Z","seo_title":null,"seo_description":null},"translations":[{"id":56012,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":55886,"locale":"tr","category_id":73,"title":"\u00c7in\u2019in geli\u015fmekte olan \u00fclkelere sa\u011flad\u0131\u011f\u0131 finansmanla ilgili geli\u015fmeler","home_title":null,"sub_title":null,"slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"subtitleuse":0,"description":"FAT\u0130H OKTAY","content":" fatih@fatihoktay.com<\/span><\/strong><\/p> \u00a0<\/span><\/p> \u00c7in\u2019in g\u00fcn\u00fcm\u00fczde geli\u015fmekte olan \u00fclkelerin bir numaral\u0131 finansman kayna\u011f\u0131 haline geldi\u011fini, bu a\u00e7\u0131dan di\u011fer t\u00fcm \u00fclkeler yan\u0131nda D\u00fcnya Bankas\u0131 ve IMF\u2019yi de geride b\u0131rakt\u0131\u011f\u0131n\u0131 daha \u00f6nceki yaz\u0131larda dile getirmi\u015ftik. Ku\u015fak ve Yol Giri\u015fimi ortaya \u00e7\u0131kt\u0131ktan sonra geli\u015fmekte olan \u00fclkelere verilen finansman daha \u00e7ok bu \u00e7er\u00e7evede ger\u00e7ekle\u015fiyor. Bu giri\u015fim \u00e7er\u00e7evesinde verilen kredilerin bir yandan geri \u00f6demelerinde sorunlar ortaya \u00e7\u0131kmas\u0131, bir yandan da bunlar\u0131n verili\u015f s\u00fcre\u00e7leri, finanse ettikleri projelerin se\u00e7ili\u015f ve ger\u00e7ekle\u015ftirilme bi\u00e7imleri, sosyal ve \u00e7evresel etkileri ile ilgili ele\u015ftiriler kar\u015f\u0131s\u0131nda bu alanda de\u011fi\u015fimler ve kredilendirmede daha tedbirli bir yakla\u015f\u0131ma y\u00f6neli\u015f oldu\u011fundan s\u00f6z etmi\u015ftik. Bu yaz\u0131da, ABD merkezli \u00e7ok ayr\u0131nt\u0131l\u0131 bir uluslararas\u0131 resmi finansman veri taban\u0131na sahip bir kurulu\u015fun verilerine dayanarak bu konudaki geli\u015fmelerden s\u00f6z edece\u011fiz.<\/span><\/p> \u00a0<\/span><\/p> G\u00dc\u00c7LER ARASI REKABET<\/span><\/strong><\/p> \u00a0<\/span><\/p> Bu verilere g\u00f6re, \u00c7in\u2019in devlet kontrol\u00fcndeki kurumlar\u0131nca geli\u015fmekte olan \u00fclkelere sa\u011flanan kredi ve hibe nitelikli finansman y\u0131ll\u0131k tutarlar\u0131, 2016 y\u0131l\u0131nda 140 milyar dolar d\u00fczeyinden 2020, 2021 y\u0131llar\u0131nda 80 milyar dolar d\u00fczeyine inmi\u015f bulunuyor. \u00c7in, bu rakamlarla da geli\u015fmekte olan \u00fclkeler i\u00e7in bir numaral\u0131 finansman kayna\u011f\u0131 konumunu koruyor. ABD\u2019nin ve di\u011fer G7 \u00fclkelerinin \u00c7in\u2019in Ku\u015fak ve Yol Giri\u015fimi \u00e7evresinde sa\u011flad\u0131\u011f\u0131 altyap\u0131 finansman faaliyetleri ile rekabet i\u00e7in ortaya koyduklar\u0131 giri\u015fimlerden daha \u00f6nce s\u00f6z etmi\u015ftik. Veriler, \u00c7in\u2019in sa\u011flad\u0131\u011f\u0131 finansmanda azalma olurken, bu giri\u015fimlere ba\u011fl\u0131 olarak ABD\u2019nin sa\u011flad\u0131\u011f\u0131 finansman\u0131n artarak 2021 y\u0131l\u0131nda 60 milyar dolara, ayn\u0131 y\u0131l G7 \u00fclkelerinin topluca sa\u011flad\u0131\u011f\u0131 finansman\u0131n ise \u00c7in\u2019i a\u015farak 160 milyar dolara \u00e7\u0131kt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Yani konuyu ele ald\u0131\u011f\u0131m\u0131zda ifade etti\u011fimiz gibi geli\u015fmekte olan \u00fclkeler i\u00e7in \u00e7ok hay\u0131rl\u0131 bir b\u00fcy\u00fck g\u00fc\u00e7ler aras\u0131 rekabet bi\u00e7imi geli\u015fiyor.<\/span><\/p> \u00a0<\/span><\/p> Ancak \u00c7in\u2019in geli\u015fmekte olan \u00fclkelere sa\u011flad\u0131\u011f\u0131 finansman\u0131n ayr\u0131nt\u0131lar\u0131na girildi\u011finde, i\u00e7eri\u011finin \u00f6nemli \u00f6l\u00e7\u00fcde de\u011fi\u015fti\u011fi g\u00f6r\u00fcl\u00fcyor. Ge\u00e7mi\u015fte sa\u011flanan kredi ve hibeler a\u011f\u0131rl\u0131kl\u0131 olarak altyap\u0131 projelerinin finansman\u0131na y\u00f6nelik iken, 2020\u2019li y\u0131llarda a\u011f\u0131rl\u0131\u011f\u0131n \u00f6demeler dengesi zorluklar\u0131n\u0131 gidermeye y\u00f6nelik kredilere kayd\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. Bu t\u00fcr krediler, 2010\u2019lar\u0131n ortalar\u0131nda toplam\u0131n y\u00fczde 10 dolay\u0131nda bir b\u00f6l\u00fcm\u00fcn\u00fc olu\u015ftururken, bu oran 2021 y\u0131l\u0131nda y\u00fczde 60 dolay\u0131na ula\u015f\u0131yor. Yani G7 \u00fclkeleri altyap\u0131 finansman\u0131 alan\u0131nda \u00c7in ile rekabet i\u00e7in sahaya inerken, \u00c7in geli\u015fmekte olan ekonomilerin Covid d\u00f6nemi ve sonras\u0131nda daha acil bir hal alan \u00f6demeler dengesi finansman\u0131n\u0131 kar\u015f\u0131lamak \u00fczere ba\u015fka bir sahaya ge\u00e7mi\u015f g\u00f6r\u00fcn\u00fcyor.<\/span><\/p> \u00a0<\/span><\/p> KRED\u0130LERDE \u015eANHAY A\u011eIRLI\u011eI<\/span><\/strong><\/p> \u00a0<\/span><\/p> \u00c7in\u2019in sa\u011flad\u0131\u011f\u0131 finansmanda ba\u015fka de\u011fi\u015fiklikler de g\u00f6r\u00fcl\u00fcyor. \u00c7in, 2010\u2019lar\u0131n ortalar\u0131na kadar a\u011f\u0131rl\u0131kl\u0131 olarak ABD dolar\u0131 \u00fczerinden finansman sa\u011flarken, \u00f6demeler dengesi finansman\u0131na kay\u0131\u015fla beraber RMB \u00fczerinden krediler art\u0131yor ve 2021\u2019de bunlar\u0131n oran\u0131 y\u00fczde 50 d\u00fczeyine \u00e7\u0131k\u0131yor. \u00d6te yandan, 2010\u2019lar\u0131n ba\u015flar\u0131na kadar krediler daha \u00e7ok Londra piyasas\u0131na ba\u011fl\u0131 LIBOR \u00fczerinden fiyatlan\u0131rken, giderek \u015eanhay piyasas\u0131na ba\u011fl\u0131 SHIBOR \u00f6ne \u00e7\u0131k\u0131yor.<\/span><\/p> \u00a0<\/span><\/p> \u00c7in devlet kurulu\u015flar\u0131, Ku\u015fak ve Yol \u00e7er\u00e7evesi ortaya \u00e7\u0131kmadan epey \u00f6nceki y\u0131llardan bu yana geli\u015fmekte olan \u00fclkelere altyap\u0131 finansman\u0131 sa\u011fl\u0131yor, \u00c7inli \u015firketler de h\u0131zl\u0131 bir \u015fekilde bu projeleri hayata ge\u00e7iriyor. \u00c7in, bu \u015fekilde bir yandan firmalar\u0131 i\u00e7in pazarlar a\u00e7arken, bir yandan bu \u00fclkelerin y\u00f6netimlerinin deste\u011fi ve insanlar\u0131n\u0131n takdiri gibi politik kazan\u00e7lar sa\u011fl\u0131yor. Ancak bu projelerin fizibilitelerinin do\u011fru belirlenmemesi nedeniyle kredilerin geri \u00f6denememesi sonucunda \u00c7in\u2019in ortaya tahsildar rol\u00fcyle \u00e7\u0131kmas\u0131, projelerin sosyal ve \u00e7evresel etkileri nedeniyle sorunlara yol a\u00e7mas\u0131, y\u00fcr\u00fct\u00fclmelerinde yolsuzluklar\u0131n ortaya \u00e7\u0131kmas\u0131, bu politik kazan\u00e7lar\u0131n zay\u0131flamas\u0131, hatta kayba d\u00f6n\u00fc\u015fme olas\u0131l\u0131\u011f\u0131n\u0131 ortaya \u00e7\u0131kar\u0131yor. \u00c7in, altyap\u0131 finansman\u0131nda frene bast\u0131\u011f\u0131 bu d\u00f6nemde bu sosyal, \u00e7evresel, y\u00f6netimsel riskleri y\u00f6netecek s\u00fcre\u00e7 ve y\u00f6ntemleri olu\u015fturuyor. Bu sahaya, ba\u015fa \u00e7\u0131k\u0131lmas\u0131 iyice zor bir rakip olarak d\u00f6nmesi olas\u0131 g\u00f6r\u00fcn\u00fcyor.\u00a0<\/span><\/p>","slug":"cinin-gelismekte-olan-ulkelere-sagladigi-finansmanla-ilgili-gelismeler","orjinalimage":"\/front\/uploads\/blog\/thumbnail\/17282484000uxRVBiG4SYbtcH.webp","news_cover_min":"\/front\/uploads\/blog\/thumbnail\/17282484000uxRVBiG4SYbtcH.webp","news_cover":null,"news_video_min":null,"news_video":null,"cropped_638x552":null,"cropped_310x208":null,"cropped_416x247":null,"cropped_197x247":null,"cropped_416x600":null,"cropped_1200x675":null,"tags":null,"meta_title":null,"meta_description":null,"meta_keywords":null,"view_count":557,"yt":0,"ytid":"","ytimage":null,"imgdate":"2024-11-06 06:59:27","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}
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