Dec 21 2017

Turkish state banks secure $1 billion in loans from China

Turkey’s public lender İşbank secured a $400 million loan agreement with the Export-Import Bank of China, state news agency Anadolu reported.

The three-year loan will be used for financing imports from China, the report said.

Another Turkish lender, Ziraat Bank, also signed a $600-million loan agreement with China’s Development Bank, during Turkish Deputy Prime Minister Mehmet Şimsek’s official visit to Beijing, Anadolu Agency wrote.

Şimşek held meetings with representatives from the People’s Bank of China, the Industrial and Commercial Bank of China and the Bank of China, seeking Chinese investment for infrastructure projects in Turkey, the report said.

In response, Chinese minister Wang Yang was quoted by Anadolu as saying: “We would like to expand cooperation in all areas.”

 

 

Last month, The Turkish unit of the International Commercial Bank of China became the best performing share on the Istanbul exchange, surging 232 percent over the past year, Ahval reported.