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ICBC contributes EUR 35 million to syndicated loan with Turk Eximbank for on-lending purposes in May 2021
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Export Credit Bank of Turkey (Turk Eximbank) |
| Country | Turkey |
| Start Date | May 24, 2021 |
| End Date | Feb 14, 2030 |
| Duration | 3,188 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 96136 |
Grant Description
ICBC contributes EUR 35 million to syndicated loan with Turk Eximbank for on-lending purposes in May 2021 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.
Sources & References
- ICBC Annual Report 2021, 2021 First Half Year Interim Report
- Turkish borrowers plough on in debt markets against persistent instability 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.
All Grantees
Export Credit Bank of Turkey (Turk Eximbank)
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