Project ID: 67081

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

Commitment amount

$ 56178230.613106966

Adjusted commitment amount

$ 56178230.61

Constant 2021 USD

Summary

Funding agency [Type]

Industrial and Commercial Bank of China (ICBC), Turkey [State-owned Commercial Bank]

Recipient

Türkiye

Sector

Banking and financial services (Code: 240)

Flow type

Loan

Level of public liability

Private debt

Infrastructure

No

Category

Intent

Commercial (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2019-05-21

Description

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

Number of official sources

4

Number of total sources

9

Download the dataset

Details

Cofinanced

No

Direct receiving agencies [Type]

Fibabanka A.Ş. [Private Sector]

Loan Details

Maturity

2 years

Bilateral loan