beijingwalker
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Turkish wealth fund attempts to borrow again, seeking 1 billion euros
Feb 07 2019
Turkey’s sovereign wealth fund is attempting to secure a foreign borrowing for the first time since its inception after a previous effort was not concluded, Bloomberg reported.
The fund, chaired by President Recep Tayyip Erdoğan since last year, is seeking a syndicated loan of 1 billion euros ($1.1 billion), the news wire said, citing five people familiar with knowledge of the plan. Citigroup and Industrial Commercial Bank of China (ICBC) are coordinating the two-year borrowing, it said.
The wealth fund, which was established in 2016 and oversees the operation of Turkey’s largest state-controlled businesses, including Turkish Airlines and two large banks, has yet to fulfil its aim of becoming a driver of growth and investment in the country, partly due to internal political differences on how it should be run.
The fund is seeking the loan in order to inject cash into the companies it controls, one person said , according to Bloomberg.
Wealth funds are traditionally set up by countries to deploy cash earned with sales of natural resources such as oil and gas. Analysts have previously questioned why investors should lend to the organisation when the Turkish Treasury borrows money internationally anyway.
An attempt to borrow up to $5 billion from ICBC in 2017 did not result in a deal.
Turkey’s government is seeking to boost economic output via investment, tax cuts and loan incentives after the economy shrank by a quarterly 1.1 percent in the three months to September. State-run Halkbank and Ziraat Bank, which are under the fund’s umbrella, are playing a key role, dishing out cheap credits to embattled businesses and consumers ahead of local elections in March.
The fund has been criticised heavily by the main opposition Republican People’s Party (CHP), which see its formation as an attempt to wrest state-owned firms away from parliamentary oversight and to use their capital for political ends. Erdoğan became chairman and hired his son-in-law as deputy after he gained more powers at presidential elections in June.
https://ahvalnews.com/turkey-wealth...attempts-borrow-again-seeking-1-billion-euros
Feb 07 2019
Turkey’s sovereign wealth fund is attempting to secure a foreign borrowing for the first time since its inception after a previous effort was not concluded, Bloomberg reported.
The fund, chaired by President Recep Tayyip Erdoğan since last year, is seeking a syndicated loan of 1 billion euros ($1.1 billion), the news wire said, citing five people familiar with knowledge of the plan. Citigroup and Industrial Commercial Bank of China (ICBC) are coordinating the two-year borrowing, it said.
The wealth fund, which was established in 2016 and oversees the operation of Turkey’s largest state-controlled businesses, including Turkish Airlines and two large banks, has yet to fulfil its aim of becoming a driver of growth and investment in the country, partly due to internal political differences on how it should be run.
The fund is seeking the loan in order to inject cash into the companies it controls, one person said , according to Bloomberg.
Wealth funds are traditionally set up by countries to deploy cash earned with sales of natural resources such as oil and gas. Analysts have previously questioned why investors should lend to the organisation when the Turkish Treasury borrows money internationally anyway.
An attempt to borrow up to $5 billion from ICBC in 2017 did not result in a deal.
Turkey’s government is seeking to boost economic output via investment, tax cuts and loan incentives after the economy shrank by a quarterly 1.1 percent in the three months to September. State-run Halkbank and Ziraat Bank, which are under the fund’s umbrella, are playing a key role, dishing out cheap credits to embattled businesses and consumers ahead of local elections in March.
The fund has been criticised heavily by the main opposition Republican People’s Party (CHP), which see its formation as an attempt to wrest state-owned firms away from parliamentary oversight and to use their capital for political ends. Erdoğan became chairman and hired his son-in-law as deputy after he gained more powers at presidential elections in June.
https://ahvalnews.com/turkey-wealth...attempts-borrow-again-seeking-1-billion-euros
Looks like there will be no saving for the "Six billion" uighurs in the socalled camps in China by their blood brothers the supposedly mighty turks. 
