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
Project lifecycle
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
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