Overview

CDB provides $70 million loan to Export Credit Bank of Turkey for on-lending purposes

Commitments (Constant USD, 2023)$64,974,100

Commitment Year•2021Country 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: Dec 1, 2021

Last repayment (originally scheduled): Nov 30, 2024

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)

Receiving agencies

State-owned Banks

Export Credit Bank of Turkey (Turk Eximbank)

Loan description

CDB provides $70 million loan to Export Credit Bank of Turkey for on-lending purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In 2021, China Development Bank (CDB) issued a $70.46 million loan to the Export Credit Bank of Türkiye (Türk Eximbank) for on-lending purposes. The loan carries a 3-year maturity. While the specific lending terms are unknown, it is indicated that the interest rates are between Libor/Euribor +0.7% to 3.13%.

Staff comments

1. Average 6 month LIBOR in 2011 was .197%. Therefore, the all-in interest rate is between as .197% + 0.7% to 3.13%, which is between .897% to 3.327%. This rate renders the loan non-concessional.