Turkey’s İşbank secures $400 million loan from China

ANKARA

Turkey’s İşbank announced on Dec. 21 that it has secured a $400 million loan agreement with the Export-Import Bank of China.

The three-year loan will be used for financing imports from China, according to a statement.

Turkey’s private lender Ziraat Bank also signed a $600-million agreement with the China Development Bank last week.

Turkish Deputy Prime Minister Mehmet Şimşek sought Chinese investment for infrastructure projects in Turkey during an official visit to Beijing last week.

Şimşek held meetings with representatives from People’s Bank of China, the Industrial and Commercial Bank of China and the Bank of China.

“We would like to expand cooperation in all areas,” said his Chinese counterpart Wang Yang during the visit.