Turk Eximbank secures $550M loan from abroad

World Bank's agency issues guarantee for credit from foreign consortium

Turk Eximbank secures $550M loan from abroad

World Bulletin / News Desk

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

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 that due to the MIGA-guarantee loan, the bank got 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 stated.

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.

Güncelleme Tarihi: 29 Haziran 2018, 12:46