Turk Eximbank Almost Doubles One-Year Loan to 224 Million Euros

Export Credit Bank of Turkey, a state-owned lender that provides loans for exporters, boosted a loan to 224 million euros ($280 million) after banks provided more money than originally sought, according to a statement from lenders.

The one-year facility pays interest of 120 basis points, or 1.2 percentage points, more than the euro interbank offered rate and will be used to fund the exports of the bank’s clients, according to the statement. The Ankara-based bank, known as Turk Eximbank, originally sought 125 million-euros.

Turk Eximbank, established in 1987, supports foreign trade and Turkish contractors and investors working overseas through various credit, guarantee and insurance programs.

Bank of Tokyo-Mitsubishi UFJ Ltd., Commerzbank AG, Deutsche Bank AG, ING Groep NV, Standard Chartered Bank, Turk Ekonomi Bankasi A.S. and Mizuho Corporate Bank Ltd., were among the 14 lenders in the so-called club loan, according to the statement.

To contact the reporter on this story: Louise Meeson in London at lmeeson@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net