Overview

Bank of China provides EUR 200 million loan to Türk Telekom to expand connections with local businesses

Commitments (Constant USD, 2023)$240,003,785

Commitment Year•2017Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeySector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 20, 2017

First repayment (originally scheduled): Dec 19, 2020

Last repayment (originally scheduled): Dec 18, 2025

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

Bank of China (BOC)

Receiving agencies

Private Sector

Türk Telekom

Loan description

Bank of China provides EUR 200 million loan to Türk Telekom to expand connections with local businesses

Grace period•3 yearsGrant element•33.0164%Interest rate (t₀)•1.729%Interest type•Variable Interest RateMaturity•8 years

Narrative

Full Description

Project narrative

On December 20, 2017, Bank of China issued a EUR 200 million loan to Türk Telekomünikasyon A.Ş. (“Türk Telekom”) — a private telecommunications company — to expand connections with local businesses. The loan has an 8-year maturity, a 3 year grace period, and an interest rate of EURIBOR (-0.271%) + a 2% margin.

Staff comments

1. Türk Telekom was a state-owned enterprise until it was privatized in 2005. In November 2005, 55% of Türk Telekom was sold to Oger Telecom's Joint Venture Group.