AIIB approves $500m Turkey loans

The Asian Infrastructure Investment Bank has given the green light to US$500 million of loans to two development banks in Turkey. The loans are aimed at easing liquidity pressure facing Turkish companies in infrastructure and “other productive sectors” due to the Covid-19 pandemic, the Beijing-headquartered institution said in a statement. The recipients of the sovereign-backed, short-term credit lines are Türkiye Kalkınma ve Yatırım Bankası (TKYB) and Türkiye Sınai Kalkınma Bankası (TSKB). “The two borrowers will on-lend the loans to corporates and SMEs in infrastructure sectors, including transport, energy, water, sustainable cities, healthcare, information and communications technologies and other eligible productive sectors. The credit lines will provide liquidity for payment of operating expenses, short-term assets (inventories, trade receivables, etc.) and liabilities,” the AIIB said in the statement. The AIIB has 102 members worldwide. © 2020 funds global asia

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