$200 Million COVID-19 Loan from TSKB
Türkiye Sınai Kalkınma Bankası A.Ş. (TSKB) has signed a $200 million funding agreement with the Asian Infrastructure Investment Bank (AIIB) to support companies negatively affected by the COVID-19 pandemic. Issuing a statement on the subject, Ece Börü, Acting CEO at TSKB, made the following remarks: "We have been pulling out all the stops within the awareness that every contribution to the economy is vital. The loan package approved by the AIIB board is going to make an invaluable contribution to allow development banking to create solutions for short-term problems and increase resilience."
Industrial Development Bank of Turkey (TSKB) has signed a $200 million funding agreement to meet the liquidity needs of corporate companies operating in the infrastructure and production sectors in Turkey that are negatively affected by COVID-19. Under the agreement signed with the Asian Infrastructure Investment Bank (AIIB), the firms will be granted working capital loans with a term of up to three years. The funds provided under the repayment guarantee of the Ministry of Treasury and Finance of the Republic of Turkey will be extended to infrastructure sectors such as transport, energy, water, sustainable cities, health, IT and communication technologies and to companies engaged in the production sectors identified in line with the strategy of the AIIB.
"Any contribution to the economy is of vital importance throughout this process"
Stating that they have been unconditionally working for 70 years to help Turkey achieve its goals in its sustainable development journey, Ece Börü, Acting CEO at TSKB, commented on the agreement. "At TSKB, we have been unconditionally serving for 70 years in order to ensure our country attains its goals in its sustainable development journey. Since March, when the first COVID-19 case was diagnosed in our country, the pandemic has inflicted its effects on our economy, as it has done all over the world. We have been pulling out all the stops within the awareness that every contribution to the economy is vital. The loan package approved by the AIIB board is going to make an invaluable contribution to allow development banking to create solutions for short-term problems and increase resilience. Furthermore, we welcome the exciting opportunity to use this loan facility as a means to improve our existing cooperation with the AIIB in the fields of renewable energy and sustainable infrastructure investments since 2018. Inspired by this new loan agreement, with the Turkish Ministry of Treasury and Finance standing as the guarantor, we will continue to support the sustainable economic development of our country as well as the protection of labor force and production supply chain."
