Asian bank loans $500 million to Turkish banks

$300 approved for Development Investment Bank of Turkey, $200 for Industrial Development Bank of Turkey, banks say

By Gokhan Ergocun

ISTANBUL (AA) - The Asian Infrastructure Investment Bank (AIIB) approved $500 million in loans for the Development Investment Bank of Turkey (TKYB) and the Industrial Development Bank of Turkey (TSKB) to reduce the effects of the coronavirus pandemic.

The AIIB granted $300 million loan to TKYB and $200 million to TSKB under the guarantee of the Turkish Treasury and Finance Ministry, the banks said in separate press releases.

The TKYB's shares of 99.08% are owned by the ministry, while TSKB is a privately-owned investment and development bank.

As of Wednesday, the total number of COVID-19 cases in Turkey reached 201,098, with 5,150 deaths and 175,422 recoveries.

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