Turk Eximbank Secures $808M From International Markets

Bank's syndication loan amounts to $723M, renewal rate rises to 134%, says Eximbank.

Turk Eximbank on Friday announced that it has received an $808 million new fund from international markets.
It included additional funds it provided under two separate contracts simultaneously with a syndication loan, the bank said in a statement.
The syndication loan it secured against the economic fallout of coronavirus was worth $723 million.
With new international lenders having participated in the syndicated facility, the credit renewal rate rose to 134%, it added.
The transaction, carried out under difficult market conditions, is valuable for the Turkish economy and its exports, Ali Guney, the head of Turk Eximbank, said.
The bank's active policy role in the financing of exports was effective in maintaining credit ratings during this period when the impact of the COVID-19 pandemic was felt, it said.
Fitch Ratings announced on May 22 that it confirmed the Bank's "B +" long-term foreign currency credit rating and "stable" outlook. -