World Bank body to help Turkey grow export sector

(Hurriyet Daily News, Washington, 7 April 2015) The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance and credit enhancement arm of the World Bank Group, has announced that it will help Turkish Eximbank provide medium- and long-term funds to Turkish exporters. “MIGA is providing guarantees of $333 million to a syndicate of banks jointly led by Citibank N.A. and Norddeutsche Landesbank Girozentrale of Germany, against the risk of non-honoring of financial obligations by a state-owned enterprise on their 10-year loan facility to Turkey’s official export credit agency,” it said April 7. Société Générale S.A. of France is also participating in the loan facility, and the two-tranche facility will complement Turkish Eximbank’s other funding sources.