Turk Eximbank secures MIGA-backed $550m

Turk Eximbank has raised a $550 million-equivalent 10-year MIGA-covered loan from Standard Chartered Bank, BNP Paribas, ING Bank, Societe Generale, Citibank and MUFG. The dual currency facility is split between a $150 million tranche and a €348 million tranche. MIGA is providing 95% comprehensive cover. Proceeds will be used to provide medium and long-term financing to Turkish exporters.