ICBC pledges USD 3.6 billion in loans for Turkey's energy and transport sectors in 2018 (Linked to Record ID#67349)

ICBC pledges USD 3.6 billion in loans for Turkey's energy and transport sectors in 2018 On July 26, 2018 at the Belt and Road Investment and Financial Cooperation Forum, the Industrial and Commercial Bank of China (ICBC) pledged to provide USD 3.6 billion in loans to Turkey's energy and transport sectors. "The $3.6 billion loan package from Chinese financial institutions for energy and transportation sector investments -- private sector, public institutions and banks -- has been completed," Albayrak said in a tweet.

The project provides refinancing for the Northern Maramara Highway project, the Yavuz Sultan Selim Bridge (Record ID#67325), and the Tuz Gölü Natural Gas Underground Storage Expansion Project (Record ID#67349).

One third of the loan package, according to Anadolu Ajansı, was allocated towards natural gas storage investments. $1.2 billion went to BOTAŞ (Turkey's state-owned Petroleum Pipeline Company) for the Tuz Gölü Natural Gas Underground Storage Expansion Project (captured in Record ID#67349). It is unclear how the remaining two thirds of these ICBC loans were allocated.

The other $2.4 billion will be used to refinance major highway and suspension bridge projects. These are the Northern Maramara Highway project and the Yavuz Sultan Selim Bridge (Record ID#67325).

It is possible the USD 1 billion refinancing of the Third Bosphorus Bridge since the two sides signed a letter of authorization for it at the Belt and Road Investment and Financial Cooperation Forum, though this is unconfirmed (captured in Record ID#67325).