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Overview

China Development Bank contributes to a syndicated loan tranche of EUR 303 million for Akbank debt refinancing (Linked to Record ID#67032, #91597, #67033)

Commitments (Constant USD, 2023)$10,360,047
Commitment Year•2019Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeySector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2019
Last repayment (originally scheduled)
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 Policy Banks

  • China Development Bank (CDB)

Cofinancing agencies

Intergovernmental Organizations

  • Bank of Bahrain and Kuwait B.S.C (BBK)

Joint Venture/Special Purpose Vehicles

  • Gulf International Bank B.S.C. (GIB)

Private Sector

  • Askari Bank Limited
  • Bank of America Merrill Lynch International Limited
  • Bankinter, S.A.
  • BNP Paribas S.A.
  • BPER Banca S.p.A. (formerly Banca Popolare dell'Emilia Romagna S.C.)
  • CaixaBank, S.A. (Formerly Criteria CaixaCorp)
  • Citigroup Inc.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Credit Suisse AG
  • Deutsche Bank AG
  • DZ Bank AG
  • Goldman Sachs Bank USA
  • Habib Bank Limited (HBL)
  • ING Bank N.V.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Mashreqbank PSC
  • mBank S.A. (formerly BRE Bank)
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • ODDO BHF
  • Société Générale S.A. (SocGen or Societe Generale)
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Abu Dhabi Commercial Bank PJSC (ADCB)
  • Arab Banking Corporation (Bank ABC)
  • Emirates NBD Bank P.J.S.C.
  • National Bank of Ras Al-Khaimah P.J.S.C. (RAKBANK)
  • Saudi National Bank (SNB) (SNB AlAhli) (Formerly The National Commercial Bank (NCB))
  • Zurich Cantonal Bank (Zürcher Kantonalbank (ZKB))

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • Akbank T.A.Ş.

Loan description

BOC and CDB contribution to $700 million syndicated loan USD and EUR tranches to Akbank for debt refinancing

Grant element•3.5664%Interest rate (t₀)•2.163%Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

In March 2019, China Development Bank participated in a syndicated loan facility, along with 33 other banks, of the equivalent of USD 700 million to Turkey's Akbank for refinancing previous debts. The loan is divided into two tranches, a USD 356 million tranche (captured in projects #67032 and #91597), with an interest rate of LIBOR + 250 basis points, and a tranche of EUR 303 million (captured in this project and Record ID#67033), with an interest rate of EURIBOR + 240 basis points. Both tranches of the loan have a maturity of 367 days. AidData estimates China Development Bank's contribution to the EUR 303 million tranche to be EUR 8,911,764. One of the other 33 banks that contributed to this tranche of the loan was Bank of China (captured in Record ID#67033).

Staff comments

1. The exact size of CDB's contribution is unknown. For the time being, AidData assumes that all 34 members of the lending syndicate contributed equal amounts (EUR 8,911,764) to the 303 million Euro tranche.