Page 48 - TURKRptDec19

Kalkinma Bankasi (Industrial Development Bank of Turkey or TSKB), the European bank announced on November 28.
The financing is divided equally between the two lenders.
It is the second time Ulusoy Un will benefit from the joint programme between the EBRD and TSKB.
Earlier this year, the EBRD provided a risk-sharing facility of €50mn, which – together with TSKB resources – will facilitate lending to private industrial companies for a total of €100mn.
Ulusoy Un produces and sells flour used for the production of bread, biscuits, chapattis and noodles. It exports its wheat flour to 86 countries on five continents, from the Far East to the Caribbean islands, as well as to Africa and the Middle East.
The EBRD has invested over €11.5bn in almost 300 projects in Turkey. The overwhelming majority of EBRD investments in Turkey are in the private sector.
The Institute of International Finance (IIF) warned in a note that the global debt load has grown by a massive $78 trillion since 2008 and as of H1 2019 has topped $250 trillion. China alone accounts for 40% of this global debt increase as the country’s non-financial corporates (notably SOEs) and households have cranked up their leverage. The US is responsible for another fifth of the global debt build up—largely a consequence of rapidly rising federal government debt.
48​ TURKEY Country Report​ December 2019 ​ ​www.intellinews.com