Overview

ICBC provides $250 million loan to Turk Eximbank for medium- and long-term financing purposes

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

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

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 23, 2017

End (actual): Dec 27, 2018

Last repayment (originally scheduled): May 22, 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

ICBC Turkey Bank A.Ş.

Receiving agencies

State-owned Banks

Export Credit Bank of Turkey (Turk Eximbank)

Loan description

ICBC provides $250 million loan to Turk Eximbank for medium- and long-term financing purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On May 23, 2017, ICBC Turkey A.Ş. — a Turkish subsidiary of the Industrial and Commercial Bank of China (ICBC) — issued a $250 million loan to Export Credit Bank of Turkey (Türk Eximbank) for medium- and long-term export credit financing purposes. The borrowing terms of the loan included a 3-year maturity and an unknown interest rate. Turk Eximbank repaid the loan to ICBC in two parts: $125 million on December 26, 2018 and $125 million on December 27, 2018.

Staff comments

1. The Export Credit Bank of Turkey (Türk Eximbank) is a fully state-owned bank acting as the Turkish government's major export incentive vehicle in Turkey's sustainable export strategy.