Chinese bank to loan $3.6 billion to Turkey

By Jeyhun Aliyev

ANKARA

The Industrial and Commercial Bank of China (ICBC) provided a $3.6-billion loan package for the Turkish energy and transportation sector, Treasury and Finance Minister Berat Albayrak said on Thursday.

"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.

Albayrak also described his negotiations during a visit to China as "fruitful".

In May, Albayrak visited a number of institutions in China, including the ICBC.

ICBC Turkey is the first Chinese bank that started operations in Turkey by acquiring majority shares of a local bank in May 2015.