Turkey Wealth Fund Shows Signs of Life as It Seeks Foreign Loan
- Fund in talks with China’s ICBC, Gulf sovereign funds, others
- Money would be used for projects once strategy is approved
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Turkey’s sovereign wealth fund has approached international banks including China’s ICBC for a loan, people with knowledge of the matter told Bloomberg, showing its first signs of life after more than a year of inactivity brought on by internal disputes over its strategy and management.
The fund, known by its initials TWF, asked ICBC for a $5 billion loan for a period of 10 years, three of the people said, asking not to be named because the request wasn’t public. Himmet Karadag, the fund’s acting chairman, and board member Yigit Bulut, who also serves as an adviser to Turkish President Recep Tayyip Erdogan, met with ICBC Turkey’s Chairman Xu Keen on Oct. 4 in Istanbul to discuss the loan, one of the people said.