Turkish state lender, China Exim Bank ink loan deal

By Tuba Sahin

ANKARA (AA) - Expanding its successful collaborations in various geographies, Turkish state-owned lender Ziraat Bank signed a loan agreement of $400 million with China's Exim Bank on Wednesday.

The cost-effective loan provided from Export-Import Bank of China in two separate tranches, $320 million and 500 million Chinese Yuan (some $80 million), will boost trade in local currencies, according to a statement from Ziraat Bank.

The loan will meet the companies' financing needs mainly engaged in foreign trade between China and Turkey, it noted.

"The agreement is an important indicator of the trust that international financial circles and business partners have in both the country's economy and Ziraat Bank," it said.