Overview

ICBC leads EUR 790 million syndicated loan in 2023 to Türkiye Wealth Fund for unspecified purposes

Commitments (Constant USD, 2023)$71,183,518

Commitment Year•2023Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeySector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 16, 2023

First repayment (originally scheduled): Mar 15, 2025

Last repayment (originally scheduled): Mar 15, 2025

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

Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

Akbank T.A.Ş.
Atlantic Forfaitierungs AG
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
Bank of America Europe Designated Activity Company (BofA Europe) (formerly Bank of America Merrill Lynch International Designated Activity Company)
Citibank, N.A.
Emirates NBD Capital Limited (formerly Emirates Financial Services PSC)
ING Bank N.V.
Société Générale S.A. (SocGen or Societe Generale)
Standard Chartered Bank PLC

State-owned Banks

Emirates NBD Bank P.J.S.C.
Qatar National Bank Q.P.S.C. (QNB)

Receiving agencies

State-owned companies

Turkey Wealth Fund (TWF)

Guarantors

Government Agencies

Government of Turkey

Loan description

ICBC leads EUR 790 million syndicated loan to Türkiye Wealth Fund for unspecified purposes in 2023

Grace period•2 yearsGrant element•4.4923%Interest rate (t₀)•7.235%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•2 years

Narrative

Full Description

Project narrative

On March 16, 2023, Türkiye Wealth Fund signed an EUR 790 million syndicated loan agreement for unspecified purposes with 12 banks. ICBC acted as the Lead Bookrunner and Joint Coordinator and Emirates NBD Capital Limited acted as the Bookrunner, Joint Coordinator and Documentation and Facility Agent on the transaction. ICBC joined the deal as Senior Mandated Lead Arranger; Akbank T.A.S Malta Branch, Emirates NBD Bank (P.J.S.C.), ING, Qatar National Bank (Q.P.S.C.) joined as Mandated Lead Arrangers; and BBVA, Societe Generale, Standard Chartered Bank, Citibank, Bank of America Europe Designated Activity Company, and Atlantic Forfaitierungs AG acted as the Lead Arrangers. The loan carried a 2-year maturity, a 2-year grace period, and an interest rate of EURIBOR plus a 4.25% margin. It was backed by a sovereign guarantee.

Staff comments

1. The individual financial contributions of the members of the syndicate are unknown. For the time being, AidData assumes equal contributions (EUR 65,833,333.3) across the 12 members of the syndicate. 2. The Turkey Wealth Fund is a $33 billion sovereign wealth fund founded in August 2016 owned by Government of Turkey. The fund is operated with a ‘Strategic Investment Plan,’ which was approved by the Cabinet.