Overview

ICBC Turkey provides $220 million loan to Turk Eximbank for on-lending purposes in March 2023

Commitments (Constant USD, 2023)$220,000,000

Commitment Year•2023Country 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: Mar 1, 2023

Last repayment (originally scheduled): Feb 28, 2026

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

Export Credit Bank of Turkey (Turk Eximbank)

Implementing agencies

State-owned Banks

Export Credit Bank of Turkey (Turk Eximbank)

Loan description

ICBC Turkey provides $220 million loan to Turk Eximbank for on-lending purposes in March 2023

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In March 2023, ICBC Turkey signed a $220 million loan agreement with the Export Credit Bank of Turkey (T.İhracat Kredi Bankası, Türk Eximbank) for on-lending purposes The loan carries a 3-year maturity and an unknown interest rate.

Staff comments

1. Export Credit Bank of Turkey (Türk Eximbank), which was established in 1987, is the official export credit agency in Turkey. It is a fully state-owned bank acting as the Turkish government’s major export incentive vehicle in Turkey’s sustainable export strategy. As Turkey’s official export credit agency, Türk Eximbank has been mandated to support foreign trade and Turkish contractors/investors operating overseas.