Page 36 - TURKRptAug20

Mar-20
Turkcell
€50
ING
5-year
Euribor+1.95%
Jan-20
Borusan EnBW
$74
China
EBRD
Jan-20
Getir
$38
Moritz
Crankstart
The World Bank ​awarded​ a €314.5mn ($350mn) loan to Turkey for a rail logistics improvement project.
Turkey ​was​ obliged to refinance a total of $148bn in external debt, excluding obligations to foreign branches and affiliates, in the 12 months ahead as of end-April.
Since May, there has been an acceleration in Turkish borrowers’ striking loan deals, while Akbank’s sold eurobonds in two auctions.
The European Bank for Reconstruction and Development (EBRD) extended a total of €1bn worth of financing to Turkey in H1​, the largest share in the development bank’s overall €5bn worth of investments across its investment destinations.
The bank financed Turkish lenders DenizBank, QNB Finansbank, Yapı Kredi, Garanti and Akbank during the first half of this year.
The country’s energy and logistic sectors also benefited from the bank's financing over the same period, the EBRD said.
Since 2009, the lender has invested over €12.5bn in Turkey while its current €7bn Turkey portfolio is the largest among its coverage countries. The bank provided €1bn in debt and equity financing for 35 Turkish projects last year.
Turkey ​was​ the third-largest recipient of EBRD investment in 2019. This was despite the EBRD backing away from its investment in the Istanbul Stock Exchange after an ex-Halkbank official who served a prison sentence in US for Iran sanctions-busting was installed as the bourse’s CEO.
The World Bank has also been active in providing coronavirus rescue financing to Turkey.
EBRD ​loaned​ €40mn to Turkish leasing company Aklease, Akbank’s leasing unit.
Yapi Kredi Leasing, the largest leasing company by asset size and capital in Turkey, ​obtained​ a €20mn loan from The Green for Growth Fund (GGF).
On July 2, the Industrial Development Bank of Turkey (​TSKB) said in a stock exchange filing that it had obtained a $200mn loan under the Asian Infrastructure Investment Bank’s (AIIB)​ COVID-19 Credit Line Project. The Turkish finance ministry has provided a guarantee for the loan.
Also on July 2, ​Turkish Development Bank (TKYB) said in a stock exchange filing that it has obtained a $300mn loan from the AIIB​ under the guarantee provided by the Turkish finance ministry.
Ford Otosan has signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, for a $150mn loan​, the carmaker ​said​ in a filing with Borsa Istanbul.
The loan has a six-year term with two-year grace period.
“Principal and interest payments will be made semiannually. Indicative annual interest rate excluding bank charges is 2.15% and final rate will be determined
36​ TURKEY Country Report​ August 2020 ​ ​www.intellinews.com