In short: Manufacturing investments of at least TRY 100 million with a qualifying Investment Incentive Certificate may seek a Priority Financing Certificate (ÖFB). Depending on the route, a project must qualify under a prioritised incentive program or reach 50 points under the assessment criteria.
Why it matters: The certificate lets the investor proceed to an intermediary bank for YTAK financing of up to 50% of the eligible investment amount, capped at TRY 1 billion. Bank approval remains separate.
Türkiye has introduced a new route for manufacturing companies to access long-term investment financing under the Investment Commitment Advance Loan Program (Yatırım Taahhütlü Avans Kredisi – YTAK).
The new Priority Financing Certificate (Öncelikli Finansman Belgesi – ÖFB) significantly expands access to the YTAK framework. Manufacturing investors with qualifying Investment Incentive Certificates may now apply for an ÖFB where the relevant investment project is at least TRY 100 million, rather than having to satisfy the significantly higher thresholds applicable to the existing Technology/Strategy Score Certificate framework.
For eligible investments, an ÖFB may provide access to YTAK financing of up to 50% of the investment amount, subject to a maximum financing amount of TRY 1 billion. The certificate does not itself constitute a loan approval or guarantee: the investor must subsequently complete the financing process through an intermediary bank.
The regulatory framework is particularly relevant to domestic and foreign-owned manufacturing companies planning new production facilities, capacity expansions, modernisation projects, technology investments and other incentive-certified manufacturing investments in Türkiye.
Quick Answer: What Is the Priority Financing Certificate?
The Priority Financing Certificate (ÖFB) is a certificate issued by the Turkish Ministry of Industry and Technology indicating that, according to the priority criteria established by the Ministry, a project is considered eligible to proceed to the financing application stage.
The legal definition was introduced by the amendment to the Communiqué on the Strategic Priority and Technical Evaluation of Investment Projects, published in the Official Gazette dated 3 September 2026 and numbered 33359.
Under the amended Communiqué, an investor wishing to benefit from the relevant financing program must first obtain either a Technology/Strategy Score Certificate (TSP Certificate) or a Priority Financing Certificate, depending on the applicable route, and then submit its financing application to an intermediary bank.
This distinction is important.
An ÖFB is not the loan itself. Obtaining an ÖFB does not mean that TRY 1 billion — or any other amount — has automatically been granted to the investor.
The certificate opens the regulatory route to the YTAK financing process. Bank credit assessment, financing conditions, security requirements, project verification and the applicable Central Bank rules remain relevant at the financing stage.
What Is YTAK?
YTAK — Yatırım Taahhütlü Avans Kredisi, commonly translated as the Investment Commitment Advance Loan — is a Central Bank-backed investment financing mechanism operated through intermediary banks.
The Central Bank of the Republic of Türkiye describes YTAK as a financing mechanism used for investments covered by Investment Incentive Certificates. The broader YTAK system has historically been designed to support large-scale, strategic and technology-oriented investments through Turkish-lira financing provided via banks.
The importance of the program has increased substantially in 2026. The Central Bank announced that the overall YTAK program limit was increased from TRY 300 billion to TRY 750 billion, with the 2026 allocation increased to TRY 150 billion.
The ÖFB mechanism extends access to this financing architecture to a much wider group of manufacturing investments.
Who Can Apply for a Priority Financing Certificate in Türkiye?
Three basic eligibility conditions should first be examined.
The applicant must be a company resident in Türkiye, the project must be covered by an Investment Incentive Certificate relating to the manufacturing industry, and the anticipated total investment amount must be at least TRY 100 million.
The TRY 100 million threshold is assessed on the anticipated total investment amount as of the application date, including relevant R&D expenditures. The amended Communiqué expressly distinguishes this threshold from the TRY 1 billion minimum investment threshold applicable to TSP Certificate applications.
Accordingly, the basic eligibility structure may be summarised as follows:
- the applicant must be a company resident in Türkiye;
- the investment must have an Investment Incentive Certificate relating to manufacturing;
- the anticipated project size must be at least TRY 100 million; and
- the Ministry's applicable priority or scoring requirements must be satisfied.
Applications opened through the Ministry's electronic investment financing portal on 28 September 2026. The official support page of the Eastern Anatolia Development Agency currently identifies the application as open and lists 31 December 2026 at 23:59 as the application deadline. Applicants should nevertheless verify the active deadline directly through the Ministry portal before filing because financing-program limits and application periods may be amended or closed.
Can a Foreign-Owned Company Apply for an ÖFB?
Potentially, yes.
The regulatory eligibility test refers to a company resident in Türkiye rather than requiring the shareholders of that company to be Turkish nationals or Turkish-owned entities. The Communiqué also focuses on the company's Investment Incentive Certificate and the nature and value of the investment.
Accordingly, a Turkish company owned wholly or partly by foreign investors may in principle fall within the ÖFB framework where the Turkish company itself satisfies the applicable eligibility requirements.
However, the investment structure, Investment Incentive Certificate, financing arrangements, corporate authorisations and banking documentation should still be reviewed on a project-specific basis.
For multinational investors, the analysis should therefore begin with the Turkish investment vehicle, rather than merely the nationality of its ultimate shareholders.
Two Different ÖFB Evaluation Routes
The new system establishes two materially different routes for obtaining a Priority Financing Certificate.
1. Priority Based on the Type of Investment Incentive Certificate
Certain categories of investments are treated as inherently prioritised.
Where an investment holds an Investment Incentive Certificate issued under one of the programs identified in Annex 5 of the Communiqué, the ÖFB is issued without an additional scoring assessment.
The priority categories include:
Project-Based Investment Incentives under the Decision on Granting Project-Based State Aid for Investments, introduced by Council of Ministers Decision No. 2016/9495;
Türkiye Century Development Initiative investments under Presidential Decision No. 9903 on State Aid for Investments, including the Technology Initiative Program, Local Development Initiative Program and Strategic Initiative Program; and
certain strategic investments previously classified under the repealed Decision No. 2012/3305.
For qualifying projects within these categories, the significant advantage is procedural: they are not required to pass the standard ÖFB scoring threshold.
2. Priority Based on Scoring
Manufacturing investments falling outside the automatically prioritised categories may still obtain an ÖFB through the scoring mechanism.
Under the amended Communiqué, these projects are evaluated under the criteria contained in Annex 6. A project receiving 50 points or more may qualify for a Priority Financing Certificate.
The assessment focuses on four broad dimensions:
| Assessment Area | Examples of Relevant Criteria |
|---|---|
| Value-Added Potential | Priority manufacturing investment status; medium-high or high-technology classification |
| Productivity and Sectoral Impact | Sector capacity utilisation; modernisation or expansion investment |
| Rapid Contribution to the Economy | Existing investment completion level; export-to-turnover ratio; location in an organised industrial zone or industrial zone |
| R&D Capability | R&D or Design Centre status, technopark presence, successful TÜBİTAK projects or registered patents |
Published summaries of Annex 6 indicate, among other criteria, 20 points for qualifying priority manufacturing investment status, 10 points for qualifying medium-high/high-technology status, and separate scores relating to capacity utilisation, modernisation or expansion, project completion, export performance, industrial-zone location and R&D capability.
The practical implication is important: companies should assess their likely ÖFB score before formally structuring the application.
A project sitting at 40 or 45 points may require a fundamentally different application strategy from a project that already satisfies several objective scoring criteria.
Is TRY 50 Million Equity Required for an ÖFB Application?
Not at the Ministry's ÖFB certificate application stage.
This is one of the most important distinctions between the TSP Certificate and the Priority Financing Certificate.
The amended Communiqué requires a TSP applicant to have at least TRY 50 million in equity or paid-in capital according to its latest fiscal-year balance sheet.
That specific TRY 50 million balance-sheet requirement is stated for TSP Certificate applications, not ÖFB applications.
Accordingly:
| Requirement | ÖFB | TSP Certificate |
|---|---|---|
| Minimum anticipated investment | TRY 100 million | TRY 1 billion |
| Manufacturing Investment Incentive Certificate | Required | Different TSP eligibility rules apply |
| TRY 50 million equity/paid-in capital threshold under the Communiqué | No | Yes |
| Standard scoring threshold | 50 points unless automatically prioritised | Separate TSP technical assessment |
This does not mean that capitalisation is irrelevant to the subsequent financing process.
Current YTAK financing rules applicable at the credit stage include separate equity-contribution and bank creditworthiness requirements. Certificate eligibility and actual financing eligibility should therefore not be treated as the same legal test.
How Much YTAK Financing Can Be Obtained with an ÖFB?
Under the current ÖFB-based YTAK framework, financing is limited to the lower of:
50% of the investment amount registered under the relevant Investment Incentive Certificate, or
TRY 1 billion.
At the credit stage, the Central Bank's current YTAK Implementation Instructions require the company to use equity equal to at least 20% of the total investment amount recorded in the Investment Incentive Certificate. This is separate from the Communiqué's TRY 50 million balance-sheet test for TSP certificate applications.
For example, where the eligible investment amount is TRY 300 million, the 50% financing limit produces a maximum YTAK amount of TRY 150 million.
Where the investment amount is TRY 3 billion, 50% would mathematically equal TRY 1.5 billion, but the ÖFB-specific ceiling limits financing to TRY 1 billion.
The financing ceiling should therefore be calculated as:
Maximum ÖFB-based YTAK financing = lower of 50% of eligible investment amount or TRY 1 billion.
What Are the Maturity and Grace Period?
Under the current ÖFB route, the financing may generally have a maturity of up to five years, with an initial principal grace period of up to one year.
There is an important qualification for projects that are already substantially completed.
Where the investment completion rate exceeds 50%, current YTAK implementation rules limit financing to the uncompleted portion of the investment and reduce the maximum maturity to 2.5 years and the maximum principal grace period to six months.
This makes the timing of the ÖFB and banking applications commercially important.
A company that waits until most of its investment has already been completed may have access to materially less favourable financing parameters than a company that structures the application earlier in the investment cycle.
How Is the Interest or Profit-Share Rate Determined?
The applicable YTAK financing cost is governed by the Central Bank's current YTAK Implementation Instructions rather than by the Priority Financing Certificate itself.
Under the current ÖFB-specific instructions, the interest or profit-share rate is calculated as 0.7 times the Central Bank policy rate, subject to a 10% floor and 30% ceiling. Fixed and variable rate options are permitted. Because the policy rate and instructions may change, the rate and bank terms should be confirmed on the actual financing date rather than hard-coded into long-term investment models.
Investors should also distinguish the YTAK financing rate from interest or profit-share support available under an Investment Incentive Certificate.
The amended Communiqué expressly provides that investors benefiting from the financing program cannot obtain separate interest or profit-share support under the relevant Investment Incentive Certificate for the interest or profit-share payments arising from that financing.
How Does the ÖFB Application Process Work?
The application procedure has two distinct stages.
Stage 1 — Ministry of Industry and Technology
The investor first submits its ÖFB application through the Ministry's electronic investment financing portal.
The applicant's eligibility, Investment Incentive Certificate and project amount are verified.
Projects within the automatically prioritised incentive programs may receive the certificate without an additional scoring assessment.
Other manufacturing projects are evaluated under the applicable scoring criteria and must generally obtain at least 50 points.
Stage 2 — Intermediary Bank and YTAK Financing
After receiving the ÖFB, the investor proceeds to an intermediary bank. Under the current Central Bank instructions, the financing application must be submitted to the Central Bank within two years of the certificate's issuance.
The bank separately reviews the financing application, the company's financial position, the project, investment progress, applicable documentation and other credit requirements.
The distinction between these stages should be reflected in transaction planning:
The Ministry’s certificate establishes the project’s priority status under the program. The intermediary bank separately assesses the financing application.
Obtaining one does not eliminate the other.
Does an ÖFB Guarantee That the Bank Will Grant the Loan?
No.
This is probably the most important legal and commercial limitation of the system.
The Priority Financing Certificate establishes that the project has satisfied the relevant Ministry-level criteria for entry into the financing process. It does not constitute an irrevocable lending commitment by an intermediary bank or the Central Bank.
The intermediary bank remains responsible for the relevant credit assessment and financing process, and program limits may also affect actual availability. The Ministry-level certificate must therefore be read together with the intermediary bank’s separate credit process and the program’s available limit.
Investors should therefore avoid signing acquisition, construction or machinery contracts on the assumption that an ÖFB automatically guarantees YTAK funding.
Financing conditions should be aligned with contractual payment milestones wherever possible.
What Happens If the YTAK Program Limit Is Reached?
The Communiqué expressly addresses this possibility.
If a financing program ends, is suspended or reaches its allocated financing limit, the Ministry may stop accepting applications.
Where necessary, existing scored ÖFB applications may be ranked according to their scores, with higher-scoring projects receiving priority.
Therefore, 50 points should be understood as an eligibility threshold, not necessarily an absolute guarantee of priority where program resources become constrained.
A company that can legitimately document a materially higher score may consequently have a stronger position in a capacity-constrained funding environment.
ÖFB vs. TSP: Which Route Should an Investor Consider?
The new ÖFB mechanism does not abolish the Technology/Strategy Score system.
Instead, Türkiye now has two different routes within the broader investment-financing structure.
The ÖFB route substantially lowers the minimum project threshold for qualifying manufacturing investments from the TSP framework's TRY 1 billion level to TRY 100 million.
TSP remains particularly relevant to larger and strategically significant investments, while ÖFB provides access to a broader universe of incentive-certified manufacturing investments.
For projects that could potentially fall within more than one financing program, investors should review the alternatives before filing. The Communiqué provides that where technical evaluation processes are simultaneously conducted for more than one financing program, only one of those programs may be applied for.
Why the New ÖFB Mechanism Matters for Foreign Investors
For foreign manufacturers considering Türkiye, the ÖFB regime may affect both investment structuring and financing strategy.
The TRY 100 million threshold brings medium-sized manufacturing investments within a financing framework that had previously been significantly more focused on very large or strategically scored projects.
This can be relevant to investments involving:
new manufacturing plants,
production-line expansions,
modernisation of existing facilities,
machinery and technology investments,
high and medium-high technology manufacturing,
export-oriented production,
import-substitution manufacturing, and
investments within organised industrial zones.
The important point for foreign investors is that the financing analysis should take place before investment documentation becomes irreversible.
Site acquisition agreements, construction contracts, equipment purchase contracts, shareholder financing, capital increases, bank security arrangements and investment-incentive documentation may all interact with the proposed financing structure.
Legal Issues Companies Should Review Before Applying
A properly structured ÖFB/YTAK project should normally involve more than completing the online application form.
The company's legal and project team should review whether the Investment Incentive Certificate accurately reflects the proposed investment, whether the applicant company holds the necessary corporate authority, whether project contracts correspond to the financing schedule, and whether existing bank facilities or security arrangements restrict additional borrowing.
Particular attention should also be given to the relationship between shareholder funding and bank financing.
If the investment vehicle is part of an international corporate group, intercompany loans, equity contributions, guarantees and security packages may require separate Turkish corporate, tax, foreign-exchange and transfer-pricing analysis.
Companies should also maintain sufficient documentation to support the investment amount, investment completion percentage, technology classification, exports, R&D capacity and other factors relied upon in the application.
An ÖFB application based on scoring should be treated as an evidence-based regulatory filing, not merely as a descriptive project presentation.
How Turkish Trade Lawyers Can Assist
Turkish Trade Lawyers can support investors on the legal workstreams surrounding an ÖFB and YTAK financing process, including eligibility assessment, review of the underlying Investment Incentive Certificate, analysis of the applicable incentive program, examination of the ÖFB scoring position, corporate authorisations, investment and financing documentation, security arrangements and legal review of project contracts.
For foreign-owned Turkish companies, the process may also require coordination between the Turkish investment vehicle, foreign shareholders, financing institutions, incentive consultants, accountants and other project advisers.
Legal review is particularly useful before major machinery orders, construction obligations, shareholder funding commitments or security documents become binding.
The objective should not simply be to obtain a certificate, but to ensure that the investment incentive structure, financing structure and contractual structure work together.
Frequently Asked Questions — YTAK and Priority Financing Certificate in Türkiye
What is the Öncelikli Finansman Belgesi in Türkiye?
The Öncelikli Finansman Belgesi, or Priority Financing Certificate, is a document issued by the Ministry of Industry and Technology indicating that an investment project satisfies the Ministry's applicable priority criteria for proceeding to a financing program.
What is the minimum investment for an ÖFB?
The anticipated total investment amount, including relevant R&D expenditure, must be at least TRY 100 million at the application date.
Do I need an Investment Incentive Certificate?
Yes. ÖFB applications are available to investors holding an Investment Incentive Certificate relating to the manufacturing industry.
Can a foreign-owned Turkish company apply?
In principle, yes, provided that the applicant is a company resident in Türkiye and satisfies the applicable investment and incentive conditions. The regulation does not establish Turkish shareholder nationality as the general ÖFB eligibility test.
How many points are required for an ÖFB?
Unless the investment falls within an automatically prioritised incentive category, it must generally obtain at least 50 points under the applicable assessment criteria.
Which investments receive an ÖFB without additional scoring?
These include qualifying project-based investments, investments within the Technology Initiative, Local Development Initiative and Strategic Initiative Programs under the Türkiye Century Development Initiative, and certain strategic investments under the former incentive regime.
How much YTAK financing can be obtained with an ÖFB?
The financing is generally limited to 50% of the relevant investment amount and TRY 1 billion, whichever is lower.
What is the maximum YTAK maturity under the ÖFB route?
The Ministry has described the new financing window as offering up to five years, including a principal grace period of up to one year. Where the investment is more than 50% completed, shorter limits apply.
Does obtaining an ÖFB guarantee a TRY 1 billion loan?
No. The certificate permits the investor to proceed within the financing framework but does not constitute an unconditional bank loan approval or guarantee. Credit assessment and the applicable Central Bank and bank requirements remain separate.
Is TRY 50 million equity required to obtain an ÖFB?
The TRY 50 million equity or paid-in-capital requirement in the Communiqué applies to TSP Certificate applications, not to the ÖFB certificate application itself. Credit-stage equity and bank requirements must be checked separately.
Where is the ÖFB application submitted?
Applications are submitted electronically through the Ministry of Industry and Technology's investment financing portal. Applications under the current program began on 28 September 2026.
Is the ÖFB application currently open?
As of 19 October 2026, the official Eastern Anatolia Development Agency support page lists applications as open and identifies 31 December 2026 at 23:59 as the current deadline. Investors should verify the Ministry portal immediately before filing because program availability and limits may change.
Legal Basis and Official Sources
The principal legal and administrative framework includes the Communiqué on the Strategic Priority and Technical Evaluation of Investment Projects, originally published on 26 November 2023, as amended by the Communiqué published in the Official Gazette dated 3 September 2026 and numbered 33359.
The financing stage is additionally governed by the Central Bank of the Republic of Türkiye's YTAK Implementation Instructions, together with the applicable Investment Incentive Certificate legislation and the specific financing documentation of the intermediary bank.
The YTAK program is administered within the cooperation framework between the Ministry of Industry and Technology and the Central Bank of the Republic of Türkiye.
Conclusion
The introduction of the Priority Financing Certificate represents a material expansion of Türkiye's investment-financing framework.
Manufacturing companies with qualifying Investment Incentive Certificates and projects of at least TRY 100 million may now have access to a YTAK financing route that was previously much less accessible to medium-sized investments.
However, the process should be understood correctly:
Investment Incentive Certificate → ÖFB eligibility and assessment → Priority Financing Certificate → intermediary bank application → YTAK financing assessment and approval.
The ÖFB is therefore an important regulatory gateway, but not a substitute for bank approval, project finance analysis or legal structuring.
For manufacturing investors — particularly foreign-owned groups establishing or expanding production in Türkiye — the strongest approach is to assess ÖFB eligibility, likely scoring, project completion status, financing requirements and contractual commitments before significant investment expenditure becomes irreversible.
