Turk Eximbank signed a syndicated loan agreement worth 285.7 million dollars

Turk Eximbank signed a syndicated loan agreement with ING, Standard Chartered, and Société Générale under the guarantee of the Asian Infrastructure Investment Bank. Turk Eximbank signed a syndicated loan agreement on May 7th totaling 285.7 million dollars under the guarantee of the Asian Infrastructure Investment Bank (AIIB) and the counter-guarantee of the Ministry of Treasury and Finance. The 10-year loan signed with the participation of ING, Standard Chartered, and Société Générale includes credit tranches in Euros and US Dollars along with ‘first-loss’ and ‘parri passu’ guarantee structures. According to the information provided, within the framework of a fund characterized by being the first guaranteed transaction provided by AIIB to a financial institution, long-term financing will be offered to exporters for green investments focusing on renewable energy production and energy/water efficiency in operation activities. Additionally, businesses supporting female employees or female managers in their operations will be prioritized. Turk Eximbank’s General Manager Ali Güney, who commented on the matter, stated, ‘With this fund, which we secured under the guarantee of the Asian Infrastructure Investment Bank and which is our first borrowing operation entirely focused on green investments, we will support exporters’ renewable energy investments and green transformation activities aimed at reducing carbon emissions. We will once again emphasize the importance and support we give to our country’s and exporters’ green transformation with this loan and the total of 1.2 billion US dollars of long-term financing that we will provide in the near future.’ Najeeb Haider, General Manager of Investment Operations (Region 2) Banking Department at AIIB, mentioned, ‘We are pleased to announce the groundbreaking success of the first credit transaction provided under the guarantee of AIIB in collaboration with ING, Société Générale, and Standard Chartered Bank, with our valued business partner Turk Eximbank. This collaboration is an example of AIIB’s strategic focus on utilizing innovative financial instruments in financing operations for green investment projects.’ Alper Gökgöz, General Manager of ING Turkey, stated, ‘As the ING Group, we have been building strong foundations in sustainable finance for many years, transferring our global expertise and experience to our country. We support the transition to the green economy with different advisory roles and financings, and we attach importance to empowering women in business life. In this context, we are happy to contribute to our exporters’ green transformation and a more inclusive future goal with this valuable collaboration where ING serves as the Sustainability Coordinator.’ Faruq Muhammad, Global Head of Structured Export Finance at Standard Chartered, expressed pride in coordinating, serving as Mandated Lead Arranger and agent in a green transaction where Turkish Eximbank secured AIIB’s guarantee for the first time for renewable energy projects, working closely with the Ministry of Treasury and Finance and other credit institutions. He emphasized their commitment as a leading financial institution to increase access to sustainable finance by investing in the most needed areas. He also expressed satisfaction in strengthening their relationship with their important business partner Turk Eximbank. Laurent EURIN, Director of Development & Structured Export Finance for Asia, America, and Turkey at Societe Generale, stated, ‘While providing our support to Turk Eximbank, a strategic business partner for Société Générale in a critical financing mission for Turkey, we are proud to contribute to this milestone unique transaction that combines many important features with the support of AIIB and the positive impact and dedication to green infrastructure. Société Générale’s DNA includes encouraging innovative structures, and we are extremely proud that this transaction is the first financing transaction carried out within the scope of AIIB’s ‘partial debt guarantee’ structure. This structure carried out between private sector banks and strategic supranational financial institutions is undoubtedly a significant milestone within the ‘blended financing’ framework to support increasing green infrastructure financing needs. We thank Turk Eximbank and AIIB for their trust in our institution for this shared success, which will pioneer many similar ones in the future.