Overview

ICBC Turkey provides $130 million loan to Yapi Kredi for foreign trade financing and refinancing purposes

Commitments (Constant USD, 2023)$119,878,413

Commitment Year•2021Country 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: Jul 1, 2021

Last repayment: Jul 1, 2023

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

Private Sector

Yapı ve Kredi Bankası A.Ş. (Yapı Kredi)

Loan desecription

ICBC Turkey provides $130 million loan to Yapi Kredi for foreign trade financing and refinancing purposes

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

On July 1, 2021, Yapi Kredi obtained a $130 million, 2-year loan from the Industrial and Commercial Bank of China (ICBC). ICBC Turkey Bank acted as a representative of ICBC in the agreement, and ICBC Turkey Yatırım acted as the regulator. Yapı Kredi reportedly will use the loan proceeds for the financing and refinancing of foreign trade.

Staff comments

1. Yapı Kredi is one of the first nationwide commercial banks in Turkey, and is the fourth largest publicly owned bank in Turkey by its asset size. It was established in 1944 by Kazım Taşkent.