State-owned Ziraat secures $1.75 billion syndicated loan

ISTANBUL

State-owned lender Ziraat has announced it had secured a sustainability-themed syndicated loan totaling $1.75 billion, in two tranches of $850 million and 789 million euros with a 104 percent roll-over ratio.

Some 69 banks from 29 countries participated in the loan, which will be used for financing foreign trade, sustainable agricultural projects and real sector investments, said Alpaslan Çakar, the general manager.

This is the largest and most widely participated one time and total sustainability-linked syndicated loan provided by a bank in Türkiye, Ziraat said in a statement.

Ziraat is Türkiye’s largest bank by assets.

“Despite challenging global conditions and uncertainties related to international trade, the strong demand for our syndication loan has once again demonstrated the confidence of international financial circles in our country and our bank,” Çakar commented.

Some 21 new banks and seven new countries participated in the facility, he noted.

“This year’s syndication loan offers a cost advantage despite geographical diversity and changing conditions. Compared to the same period last year, there was a 90 basis-point decrease in interest rate on the syndication loan,” Çakar said.