Overview

ICBC provides $250 million loan to Vakif Bank for trade finance purposes and general purposes

Commitments (Constant USD, 2023)$266,031,595

Commitment Year•2017Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•United Arab EmiratesSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 3, 2017

Last repayment: Jan 1, 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 Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned Banks

Türkiye Vakiflar Bankasi T.A.O. (VakıfBank)

Loan desecription

ICBC provides $250 million loan to Vakif Bank for trade finance purposes and general purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On March 3, 2017, under the coordination of ICBC Turkey AŞ, VakifBank — a private Turkish bank — signed a $250 million bilateral loan agreement with ICBC Dubai for trade finance purposes and general-purpose financial needs. The maturity of the loan was 3 years. The interest rate of the loan is unknown.