Overview

ICBC contributes EUR 35 million to syndicated loan with Turk Eximbank for on-lending purposes in May 2021

Commitments (Constant USD, 2023)$37,970,538

Commitment Year•2021Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•United Arab EmiratesSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 24, 2021

Last repayment (originally scheduled): May 24, 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

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned Banks

Export Credit Bank of Turkey (Turk Eximbank)

Implementing agencies

State-owned Banks

Export Credit Bank of Turkey (Turk Eximbank)

Loan description

ICBC contributes EUR 35 million to syndicated loan with Turk Eximbank for on-lending purposes in May 2021

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

On May 24, 2021, a syndicate of banks and the Export Credit Bank of Turkey (T.İhracat Kredi Bankası, Türk Eximbank) signed a loan agreement for on-lending purposes. The Dubai Branch of Industrial and Commercial Bank of China (ICBC) contributed EUR 35 million to the loan, which carried a maturity of 1 year and an unknown interest rate.

Staff comments

1. 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.