Jul 26 2018

Turkey secures $3.6 billion loan package from China

The Industrial and Commercial Bank of China (ICBC) has agreed a loan package worth $3.6 billion for Turkey’s energy and transportation sector, Turkey’s Finance and Treasury Minister, Berat Albayrak, announced on Thursday.

The announcement comes during Albayrak’s visit to China, one of his first overseas trips since being named Finance and Treasury minister earlier this month.

The provision of a multi-billion dollar loan package has come at a fortunate time for Turkey, which will likely face U.S. sanctions, including restrictions on development loans, as a response to the imprisonment in Turkey of U.S. citizens and employees.

ICBC gained a foothold in Turkey in 2015 by acquiring over 75 percent of shares in the Turkish TekstilBank in a $316 million deal.