Overview

CDB provides $200 million loan to Turk Eximbank for unspecified purposes

Commitments (Constant USD, 2023)$212,825,276

Commitment Year•2017Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeySector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 17, 2017

Last repayment (originally scheduled): Sep 21, 2020

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 Policy Banks

China Development Bank (CDB)

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 desecription

CDB provides $200 million loan to Turk Eximbank for unspecified purposes

Interest type•UnknownMaturity•3.1 years

Narrative

Full Description

Project narrative

On August 17, 2017, the Inner Mongolia Branch of China Development Bank and the Export Credit Bank of Turkey (Türk Eximbank) signed a $200 million credit agreement. The loan had a 3.1 year maturity period. The interest rate is unknown. The unconsolidated financial statements of Türk Eximbank as of December 31, 2019 demonstrate that this loan disbursed.

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.