I. INTRODUCTION

With the Communiqué Amending the Communiqué on Strategic Prioritization and Technical Assessment of Investment Projects, published in the Official Gazette dated 3 September 2026 and numbered 33359, provisions concerning the priority financing certificate (“PFC”) scheme were introduced, and new principles were established regarding the assessment of investment projects under financing programs.

In this context, through an announcement published by the Ministry of Industry and Technology of the Republic of Türkiye (the “Ministry”), it was announced that applications for the PFC have started to be accepted under the Investment-Committed Advance Loan (“ICAL”) Program, carried out in cooperation between the Ministry and the Central Bank of the Republic of Türkiye. The said scheme aims to support projects to be carried out in the manufacturing industry with long-term financing resources on favorable terms, thereby accelerating investment processes.

For further information on the implementation principles and financing conditions of the ICAL Program, you may also refer to our previously published Memorandum on the Implementation Instruction Regarding Investment-Committed Advance Loan / Financing.

I. What Is the PFC and What Are the Application Requirements?

The PFC is a certificate indicating the suitability of investment projects for obtaining financing under the ICAL Program in accordance with the priority criteria determined by the Ministry. Investors holding the said certificate have the opportunity to apply to intermediary banks to obtain ICAL financing on favorable terms, up to TRY 1 billion, provided that the financing does not exceed 50% of the project cost.

The opportunity to apply for the PFC is limited to companies resident in Türkiye. Furthermore, only investors holding an investment incentive certificate relating exclusively to the manufacturing sector may apply, and the investment projects subject to the application must have a minimum value of TRY 100 million.

Applications may be submitted through the online system made available at https://yatirimkredisi.sanayi.gov.tr. The application process must be completed through the said system by natural persons authorized on behalf of the company.

II. How Is the PFC Assessment Process Conducted?

Two different assessment methods have been established under the said program. The first method, referred to as “Priority Allocation by Investment Incentive Certificate Type,” applies to investments certified under certain incentive schemes, and the PFC may be issued directly through the electronic system without any additional examination for projects benefiting from such incentive schemes. For applications that do not fall within the scope of Priority Allocation by Investment Incentive Certificate Type, the “Priority Allocation by Scoring” method will apply.

The investment incentive programs falling within the scope of Priority Allocation by Investment Incentive Certificate Type are (i) the project-based incentive scheme under Decision No. 2016/9495 dated 17 October 2016 on Granting Project-Based State Aid for Investments, (ii) the Century of Türkiye Development Initiative under Decision No. 2025/9903 dated 30 May 2025 on State Aids in Investments, and (iii) the incentive scheme for strategic investments defined under the repealed Decision No. 2012/3305 on State Aids in Investments. The Century of Türkiye Development Initiative comprises the Technology Initiative Program, the Local Development Initiative Program and the Strategic Initiative Program. Where an incentive has been obtained under any of the aforementioned incentive programs, the PFC may be issued without any additional examination.

Applications that do not fall within the scope of Priority Allocation by Investment Incentive Certificate Type will be assessed on the basis of scoring. Under this assessment method, investments will be examined based on four main criteria: “value-added potential,” “productivity and sectoral impact,” “rapid contribution to the economy,” and “possessing R&D competence.” A detailed scoring process will be carried out in accordance with the criteria determined for each of the said impact areas to arrive at a final score, and a PFC will be issued where a score of 50 or above is obtained.

III. Are PFC Applications Subject to TSS Assessment?

Investors applying for the PFC are not required to separately undergo the Technology/Strategy Score (“TSS”) assessment process. Indeed, pursuant to the sixth paragraph of Article 5 of the Communiqué on Strategic Prioritization and Technical Assessment of Investment Projects, the TSS assessment process regulated under the first through fifth paragraphs of the same Article does not apply to PFC applications.

Nevertheless, the exemption of PFC applications from the TSS assessment process does not mean that the TSS scheme has been discontinued. The TSS calculation scheme, introduced by the Ministry at the end of 2023 under the ICAL Program, also remains in effect. Under this scheme, investors with an investment amount of at least TRY 1 billion and equity of at least TRY 50 million in their most recent fiscal year balance sheet may apply for a TSS for their projects, provided that they meet certain criteria.

CONCLUSION

The PFC scheme is considered an important step, particularly in terms of providing manufacturing industry investments of TRY 100 million or more with access to long-term financing on favorable terms. The direct issuance of certificates for investments falling within the scope of certain incentive programs, while providing for an assessment mechanism based on specific criteria for other investments, may contribute to accelerating access to financing and enabling a broader group of investors to benefit from the ICAL Program. Nevertheless, the ability of the scheme to make the expected contribution to investment processes will also depend on the efficient and timely completion of the credit allocation procedures carried out by intermediary banks following the issuance of the PFC.