Overview

ICBC Turkey provides $50 million loan to Fibabanka in 2019 for corporate and commercial financing needs

Commitments (Constant USD, 2023)$51,899,375

Commitment Year•2019Country 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: May 21, 2019

Last repayment (originally scheduled): May 20, 2021

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

Fibabanka A.Ş.

Loan description

ICBC Turkey provides $50 million loan to Fibabanka in 2019 for corporate and commercial financing needs

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

On May 21, 2019, the Industrial and Commercial Bank of China (ICBC) Turkey Bank A.Ş. signed a $50 million loan agreement with Fibabanka, a publicly-traded consumer bank in Turkey. The loan carries an unknown interest rate and a 2-year maturity length. Fibabanka announced that they hoped to used the proceeds of the loan to meet corporate and commercial financing needs and improve Turkey's economy. This marked the first loan agreement between ICBC Turkey and Fibabanka, with the executives of both banks expressing a willingness to continue working together in the future