Turk Eximbank secures $670M syndicated loan

By Muhammed Ali Gurtas

ANKARA (AA) – The Export Credit Bank of Turkey (Turk Eximbank) said Wednesday it had signed a $670 million syndicated loan deal with an international consortium.

The agreement was signed in London, the bank said in a written statement.

The consortium, consisting of 24 financial institutions, is coordinated by the Bank of Tokyo-Mitsubishi UFJ, it said.

It includes four European lenders, one U.S. institution, five Turkish banks, nine Far East-based institutions and five from Gulf countries.

The bank noted that the main portion of the loan had a one-year maturity while 26 percent of the loan had a two-year maturity.

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

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