05.04.2011

TSKB, Raised a USD 180 million and EUR 87,8 million Loan from the World Bank

“The Additional Loan for the Fourth Export Finance Intermediation Project” Agreement was signed between TSKB and the World Bank on April 5th, 2011 in Ankara.

The facility of USD 180 million and EUR 87.8 million is an additional financing to the EFIL IV loan that had been extended to TSKB in May of 2008 which has been fully utilized. The purpose of the project is to provide medium and long term financing for the fixed capital investments and working capital needs of the private exporting enterprises in Turkey. The additional financing, like the original facility, has been procured against a payment guarantee from the Republic of Turkey Prime Ministry Undersecretariat of Treasury.

TSKB will act as an APEX bank in the disbursement of the facility, lending the proceeds to commercial banks and leasing companies in Turkey which will then onlend the proceeds to exporters. TSKB has taken on this role since 2004 with the previous EFIL facilities (EFIL II, EFIL III and EFIL IV) for a total amount of approximately USD 900 million. The timely and full utilization of the EFIL IV loan has prompted the extension of an additional financing to this project for a total equivalent amount of USD 300 million.

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