Turkey's TSKB secures $40 mln loan from Citibank

ISTANBUL (Turkey), September 26 (SeeNews) – Turkish investment and development bank Turkiye Sinai Kalkinma Bankasi [BIST:TSKB], or TSKB, said on Friday it has signed a $40 million (31 million euro) loan agreement with Citibank N.A.

TSKB will use the loan to finance renewable energy and energy efficiency projects of small and medium-sized enterprises (SMEs), it said in a bourse filing.

US government agency Overseas Private Investment Corporation (OPIC) has provided a guarantee for $30 million of the loan, TSKB noted. OPIC helps US businesses expand into emerging markets by providing loans and guarantees.

TSKB is 50% owned by Turkiye İs Bankası Group, or Isbank, and 39.2% is a free float on the Istanbul stock exchange.

($ = 0.785 euro)

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