ICBC provides $250 million loan to Turk Eximbank for medium- and long-term financing purposes
Commitment amount
$ 295201127.0896168
Adjusted commitment amount
$ 295201127.09
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial 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
In 2016, ICBC Turkey A.Ş. — a Turkish branch of the Industrial and Commercial Bank of China (ICBC) — committed 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 are unknown. According to a 2018 Annual Report, Turk Eximbank repaid the loan to ICBC in two parts: $125 million on December 26, 2018 and $125 million on December 27, 2018.
Additional details
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.
Number of official sources
3
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
Export Credit Bank of Turkey (Turk Eximbank) [State-owned Bank]