Active Mixed AidData Chinese Aid

ICBC contributes to EUR 1.25 billion syndicated loan to Turkey Wealth Fund (TVF) in 2021

$89.29M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Turkey Wealth Fund (TWF)
Country	Turkey
Start Date	Mar 16, 2021
End Date	Jun 28, 2029
Duration	3,026 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`92647`

Grant Description

ICBC contribution to EUR 1.25 billion 2021 syndicated loan to Turkey Wealth Fund (TVF) On March 16, 2021, a syndicate of 14 banks — including Citibank, Industrial Commercial Bank of China (ICBC), HSBC, Arab Banking Corporation, Emirates NBD, ING, Intesa Sanpaolo, J.P.

Morgan, Qatar National Bank, Sumitomo Mitsui Banking Corporation, Banco Bilbao Vizcaya Argentaria, Bank of America, Barclays and Société Générale — signed an EUR 1.25 billion ($1,491,125,000) loan agreement with Turkey Wealth Fund (TWF) (Turkish: Türkiye Varlık Fonu, TVF).

ICBC acted as the Lead Bookrunner and Joint Coordinator while Citi acted as the Bookrunner, Joint Coordinator and Documentation Agent. HSBC plc acted as the Facility Agent. Arab Banking Corporation, Emirates NBD, HSBC, ING, Intesa Sanpaolo, J.P. Morgan, Qatar National Bank and Sumitomo Mitsui Banking Corporation joined the syndication as Mandated Lead Arrangers.

Banco Bilbao Vizcaya Argentaria, Bank of America, Barclays and Société Générale acted as the Lead Arrangers.

📋 Loan / Grant Terms

💰 Loan Amountcarried a two-year maturity

The Government of Turkey issued a sovereign guarantee in support of the loan (covering 95% of its face value, or $1.25 billion). The proceeds of the loan were to be used by the borrower to supply liquidity to companies supported by the TVF.

📋 Staff Comments

Turkey Wealth Fund (TWF) (Turkish: Türkiye Varlık Fonu, TVF) is a $33 billion sovereign wealth fund founded in August 2016 and owned by the Government of Turkey.
For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
The precise monetary value of ICBC’s contribution to the EUR 1.25 billion syndicated loan is unknown. For the time being, AidData assumes equal contributions (EUR 89,285,714.28) across the 14 known members of the syndicate. This issue warrants further investigation.

📚 Sources & References

Public Debt Management Report
TWF receives EUR 1.25 billion syndicated loan
Turkey Wealth Fund receives USD 1.48bn syndication loan
Turkey Wealth Fund receives $1.48B syndication loan
Public Debt Management Report
Public Debt Management Report January 2022
ICBC Annual Report 2021, https://ise-prodnr-eu-west-1-data-integration.s3-eu-west-1.amazonaws.com/202402/a12107cf-f4bc-4ed7-a024-2e7533fdbc30.pdf Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.