ICBC contributes EUR 35 million to syndicated loan with Turk Eximbank for on-lending purposes in May 2021
Commitment amount
$ 41176470.5882353
Adjusted commitment amount
$ 41176470.59
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 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.
Additional details
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.
Number of official sources
2
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
Export Credit Bank of Turkey (Turk Eximbank) [State-owned Bank]
Implementing agencies [Type]
Export Credit Bank of Turkey (Turk Eximbank) [State-owned Bank]
Loan Details
Maturity
1 years