Turkey Wealth Fund Seeks to Refinance Loan in Test After Shakeup

Recep Tayyip Erdogan chairs the Turkey Welfare Fund Board of Directors meeting in Istanbul, in 2020.
Photographer: Murat Cetinmuhurdar/Turkish Presidency/Getty Images

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By Kerim Karakaya and Cagan Koc

March 10, 2021 at 9:57 AM UTC

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Turkey’s sovereign wealth fund is sounding out global banks on refinancing its only syndicated loan as the institution emerges from a shakeup this week.

The fund, known as TWF, is in talks to refinance a 1 billion-euro ($1.2 billion) loan it drew in March 2019 and which matures in five days, according to people familiar with the matter.