Industrial and Commercial Bank of China Turkey provides EUR 200 million loan to Türk Eximbank for on-lending purposes in 2020
Commitment amount
$ 253826591.45168158
Adjusted commitment amount
$ 253826591.45
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
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.
Additional details
Number of official sources
1
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
Export Credit Bank of Turkey (Turk Eximbank) [State-owned Bank]
Loan Details
Maturity
2 years