Overview

China Eximbank provides $300 million loan to Garanti BBVA to finance imports from China

Commitments (Constant USD, 2023)$311,396,247

Commitment Year•2019Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeySector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 1, 2019

Last repayment (originally scheduled): Nov 30, 2022

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Private Sector

Türkiye Garanti Bank BBVA

Implementing agencies

Private Sector

Türkiye Garanti Bank BBVA

Loan description

China Eximbank provides $300 million loan to Garanti BBVA to finance imports from China

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In December 2019, Garanti BBVA (also known as Garanti Bank and Turkiye Garanti Bankası A.Ş.) and China Eximbank signed a $300 million loan agreement. The loan carries a 3-year maturity and an unknown interest rate. The borrower is expected to use the proceeds of the loan to help Turkish companies to finance imports from China.

Staff comments

1. Garanti BBVA is a Turkish financial services company based in Turkey. 86% of Garanti's stakes are owned by the Spanish bank Banco Bilbao Vizcaya Argentaria.