Industrial and Commercial Bank of China has received official authorization to refinance a US$2.7 billion loan for two megaprojects in Turkey, The Daily Sabah reported Monday.
ICBC will provide financing for the Yavuz Sultan Selim Bridge and the Northern Marmara Highway Project, which were previously funded by the Turkish banking system from international markets. ICBC will provide more favorable terms, according to the report.
The refinancing deal was signed at the One Belt, One Road Investment and Financial Cooperation Summit held in Ankara.
In addition to the agreement on these two megaprojects, which represents an important milestone for the strategic cooperation between China and Turkey, Turkey’s finance minister announced ICBC will provide a US$3.6 billion loan package for Turkey’s energy and transportation sectors.