Turk Eximbank secures $550 million loan from abroad

Turk Eximbank secures $550 million loan from abroad

ANKARA – Anadolu Agency
Turk Eximbank secures $550 million loan from abroad

Turk Eximbank has secured a 10-year-term $550 million credit from a foreign banks consortium, the bank announced on June 29.

The consortium—Standard Chartered Bank, BNP Paribas, ING Bank, Societe Generale, Citibank N.A. and Mitsubishi UFJ Bank—is under guarantee of the World Bank’s member, the Multilateral Investment Guarantee Agency (MIGA), according to a press release.

Turk Eximbank Chief Executive Officer Adnan Yildirim said due to the MIGA-guarantee loan, the bank received low-cost credit.

“We met with leading financial institutions in the Gulf countries,  Japan, the U.S., Hong Kong, Taipei, and Zurich during the last year to raise international fundings for Turk Eximbank,” he said.

Within the scope of the loan, the bank will provide credits to Turkish exporters for up to 10 years.

Turk Eximbank ranks second globally after South Korea’s Eximbank in terms of financing exports.

Since its establishment in 1987, the bank has implemented international credit, guarantee, and credit insurance programs aimed at developing economic and political ties between Turkey and other countries.

Eximbank, Turkish economy, Turkish banks