Project ID: 92337

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

Commitment amount

$ 337069383.6786418

Adjusted commitment amount

$ 337069383.68

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Türkiye

Sector

Banking and financial services (Code: 240)

Flow type

Loan

Level of public liability

Private debt

Infrastructure

No

Category

Intent

Commercial (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2019-12-01

Description

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.

Additional details

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.

Number of official sources

5

Number of total sources

6

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Details

Cofinanced

No

Direct receiving agencies [Type]

Türkiye Garanti Bank BBVA [Private Sector]

Implementing agencies [Type]

Türkiye Garanti Bank BBVA [Private Sector]

Loan Details

Maturity

3 years

Bilateral loan