Overview

ICBC Turkey provides EUR 142 million loan to Turkish Airlines to supports its effort to construct buildings, customer sales offices, and convey belts at Istanbul's new airport

Commitments (Constant USD, 2023)$168,598,420

Commitment Year•2018Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•TurkeySector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 1, 2018

First repayment (originally scheduled): Jul 1, 2019

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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New Istanbul Airport is located in the Arnavutköy district on the European side of the city. More detailed locational information can be found at https://www.openstreetmap.org/way/812730062#map=14/41.2753/28.7330

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

ICBC Turkey Bank A.Ş.

Receiving agencies

Private Sector

Turkish Airlines

Loan desecription

ICBC Turkey provides EUR 142 million loan to Turkish Airlines to supports its effort to construct buildings, customer sales offices, and convey belts at Istanbul's new airport

Grace period•1 yearsInterest type•UnknownMaturity•4 years

Narrative

Full Description

Project narrative

In July 2018, ICBC Turkey issued an EUR 142 million loan to Turkish Airlines — a minority state-owned company and the flag carrier airline of Turkey — to construct buildings, customer sales offices, and convey belts at Istanbul's new airport. The loan carried a maturity of 3-5 years, a grace period of 1 year, and an unknown interest rate.

Staff comments

1. Turkish Airlines is the national flag carrier airline of Turkey. Currently, the state-owned Türkiye Wealth Fund owns a 49.12% interest and the Republic of Türkiye Ministry of Treasury and Finance Privatization Administration owns a 0.01% interest in Turkish Airlines, while 50.88% of shares are publicly traded. Turkish Airlines started in 1933 with 5 airplanes. 2. The precise maturity of the loan is unknown. For the time being, AidData relies on the midpoint (4 years) of the 3-5 year range. This issue warrants further investigation.