Loans

6/29/2020

Turk Eximbank Secured 380 Million Euro Credit

Turk Eximbank has secured 380 million euro credit of 10 year term from banks consortium under World Bank guarantee. The cost of credit has been 6 months Euribor plus 2.83%. Standard Chartered Bank, ING Bank and Societe Generale took pat in the credit...

Trade Minister Ruhsar Pekcan has announced Türk Eximbank secured 380 million euro credit of 10-year term from banks consortium under World Bank guarantee.

According to the announcement of Minister Pekcan, the Cost of credit has been 6 months Euribor plus 2.83%. Credit will be used for financing the management capital of exporters on terms up to 10 years and for investment expenditures. International Bank of Reconstruction and Development (IBRD) member of World Bank Group has extended a guarantee for 50% of the principal. Standard Chartered Bank, ING Bank and Societe Generale took part in the credit. The credit agreement was signed on 26 June 2020. 

Pekcan has noted that within the framework of  total 500 million euro financing creation under maximum 250 million euro guarantee approved by World Bank on 12 June 2020, it would be possible for Türk Eximbank to create 120 million euro more credit up to 10-year term in the forthcoming period