Project ID: 96139

CDB provides RMB 3.5 billion loan to VakıfBank for on-lending purposes in December 2021

Commitment amount

$ 542635658.9147286

Adjusted commitment amount

$ 542635658.91

Constant 2021 USD

Summary

Funding agency [Type]

China Development Bank (CDB) [State-owned Policy Bank]

Recipient

Türkiye

Sector

Banking and financial services (Code: 240)

Flow type

Loan

Level of public liability

Other public sector debt

Infrastructure

No

Category

Intent

Commercial (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2021-12-01

Description

In December 2021, China Development Bank and VakıfBank — a Turkish state-owned bank — signed a RMB 3.5 billion loan agreement for on-lending purposes. The loan carries a 3-year maturity and an unknown interest rate.

Additional details

1. VakıfBank is the second largest bank in Turkey in terms of asset size, established with an initial capital of TL 50 million on January 11, 1954 and later started operating on April 13, 1954. the current ownership structure of the Bank as follows: Republic of Turkey Ministry of Treasury and Finance: 37.45%; Turkey Wealth Fund: 35.99%; VakıfBank Pension Fund: 10.30%; other shareholders: 0.10% and free float: 16.15%.

Number of official sources

5

Number of total sources

5

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Details

Cofinanced

No

Direct receiving agencies [Type]

Türkiye Vakiflar Bankasi (VakıfBank) [State-owned Bank]

Implementing agencies [Type]

Türkiye Vakiflar Bankasi (VakıfBank) [State-owned Bank]

Loan Details

Maturity

3 years

Bilateral loan

Inter-bank loan