Overview

ICBC Turkey provides EUR 200 million loan to Türk Eximbank for on-lending purposes in 2020

Commitments (Constant USD, 2023)$234,484,959

Commitment Year•2020Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•TurkeySector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 26, 2020

Last repayment (originally scheduled): Nov 26, 2022

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 Turkey provides EUR 200 million loan to Türk Eximbank for on-lending purposes in 2020

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

On November 26, 2020, Industrial and Commercial Bank of China Turkey (ICBC Turkey) and the Export Credit Bank of Turkey (T.İhracat Kredi Bankası, Türk Eximbank) signed a EUR 200 million loan agreement. The loan carried a maturity of 2 years and an unknown interest rate. According to media sources, the loan is intended to support export financing. Export Credit Bank of Turkey (Türk Eximbank), which was established in 1987, is the official export credit agency in Turkey. It is a fully state-owned bank acting as the Turkish government’s major export incentive vehicle in Turkey’s sustainable export strategy. As Turkey’s official export credit agency, Türk Eximbank has been mandated to support foreign trade and Turkish contractors/investors operating overseas.