China Eximbank provides $140 million loan to VakıfBank to finance foreign trade between Turkey and China in 2019
Commitment amount
$ 157299045.7166995
Adjusted commitment amount
$ 157299045.72
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Türkiye
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On September 20, 2019, China Eximbank and VakıfBank — a Turkish state-owned bank — signed a $140 million loan agreement to finance trade between China and Turkey. The loan carries a 1-year maturity and an unknown interest rate. VakıfBank General Manager Abdi Serdar Üstünsalih noted that the loan was the first transaction between VakıfBank and China Eximbank.
Additional details
1. VakıfBank is the second largest bank in Turkey in terms of asset size, established with an initial capital of TL 50 million on January 11, 1954 and later started operating on April 13, 1954. the current ownership structure of the Bank as follows: Republic of Turkey Ministry of Treasury and Finance: 37.45%; Turkey Wealth Fund: 35.99%; VakıfBank Pension Fund: 10.30%; other shareholders: 0.10% and free float: 16.15%.
Number of official sources
5
Number of total sources
13
Details
Cofinanced
No
Direct receiving agencies [Type]
Türkiye Vakiflar Bankasi (VakıfBank) [State-owned Bank]
Loan Details
Maturity
1 years