Turk Eximbank III (MIGA-4645)

Regions
  • Africa
  • Europe and Central Asia
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 21, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
International Lender to be Determined
The holder of the loan, grant, or other investment.
Sectors
  • Climate and Environment
  • Construction
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 650.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Aug 3, 2018

Disclosed by Bank May 11, 2018


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Project Description

This project proposes providing a guarantee to Turkiye Ihracat Kredi Bankasi AS, known as Türk Exim Bank, to cover the risk of non-payment for its lending activities. According to MIGA, this guarantee enables Turk Exim Bank to provide medium and long-term funds to the Turkish export sector, with a focus on small and medium-sized enterprises (SMEs). 

Sub-projects are expected to include climate finance, and are in "medium-risk" and "low-risk" sectors, including manufacturing and services. MIGA states that the financing guaranteed will not be used for high-risk projects or projects in the extractive sector.

Turk Exim Bank is currently most active in Africa, but also has projects in Central and South Asia. 

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Private Actors
Contact Information

No contact information available at time of writing.

ACCOUNTABILITY MECHANISM OF MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/