Overview

ICBC Turkey provides $325 million loan to VakıfBank for trade financing and general corporate purposes

Commitments (Constant USD, 2023)$335,313,492

Commitment Year•2020Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•TurkeySector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 3, 2020

Last repayment (originally scheduled): Apr 3, 2023

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

State-owned Banks

Türkiye Vakiflar Bankasi T.A.O. (VakıfBank)

Loan description

ICBC Turkey provides $325 million loan to VakıfBank for trade financing and general corporate purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On April 3, 2020, ICBC Turkey renewed a bilateral loan agreement of $325 million with Türkiye Vakıflar Bankasi TAO (VakıfBank) for trade finance purposes and general corporate purposes. The loan carried an unknown interest rate and a 3 year maturity.