DCSIMG International Funds | DenizBank

European Investment Bank

European Investment Bank (EIB) is the financing institution of the European Union and supports the EU’s policy objectives by making long-term finance available to both the public and private sectors. EIB is a non-profit institution established in 1958 owned by the Member States of the European Union.

EIB has been active in Turkey since the mid-1960s. Beneficiaries of EIB funds include the public and private sectors: central and local government, local banks and industry as well as foreign investors.

Projects supported by EIB include the fields of energy, manufacturing, environmental infrastructure, natural resources, tourism, telecommunications, IT, media and transports.

On 13 June 2008 DenizBank and EIB signed Municipal Loan Facility Agreement that provides long term investment opportunities to municipalities and local administrations providing public services.

The most important feature of the 150 million Euro facility signed for the first time with DenizBank in Turkey is that it includes a 40 million grant by the European Commission.

The purpose of the grant scheme supported by the EU is to enhance access of small size municipalities in Turkey to long term financing facilities for their investments and to enable involved financial intermediaries entitled to financial incentives to expand their lending operations for suitable projects and users.

Thanks to this incentive program in which DenizBank was involved for the first time in Turkey via EIB, DenizBank enhances its capacity to provide long term financing to municipalities with the support of Dexia.

Agence Française de Développement (French Development Agency)

Agence Française de Développement (AFD) is a French public institution with services addressed to public benefit and providing financial support to development.

As a specialized financial body AFD provides support both to private and public sector with their economic and social projects in the fields of infrastructure, finance, rural and urban development, training, health etc.

Offering a wide range of financial tools from grant schemes to market rate loans, AFD is currently active in more than 60 emerging countries and all the French overseas territories.

In relation to the supranational bodies it interacts with, AFD ensures that France contributes to development and creates public policies for that purpose. In each of its activities,

AFD supports United Nation’s Millennium Development Goals, which are prioritized by France for public support to development.

On 28 November 2008, DenizBank and AFD signed a loan facility agreement for financing municipal projects. This cooperation is the first loan agreement between AFD and a bank for municipal financing.

Within the framework of the agreement DenizBank provides a total financing of 80 million Euros for water, waste treatment, transportation and health projects, and environmental impact of projects is one of the important criteria for eligibility.

Another feature of the agreement aimed at solving financial needs of municipalities is that it includes a municipal training and technical assistance program.

Export Credit Agencies (ECAs)

Export credits are usually provided with the intermediation of a bank in the country of exporter. In order to encourage investment goods exports of the country, Export Insurance

Agency of every country provides middle or long term credit guarantee or credit insurance in favor of exporters or financing banks against various risks that commercial banks do not want to or cannot undertake directly.

The exporter company receives advance payment from the intermediary bank and the importer makes the payment at maturities. The Bank of the importer signs a loan agreement with the Intermediary Bank and becomes a direct debtor or guarantor. Payments at maturities are made again through the bank of the importer; therefore, the bank of the importer assumes the risk for the company. To obtain these loans, exporters apply to their country’s Eximbank with their project and request a mid-term loan for importers.

Such loans are named differently depending on the country of exporters.

According to OECD rules; maximum 85% of commercial contract amount is financed. 15% of the contract amount is paid in advance by importer to exporter.

ECA credits are accrued in semi-annual equal installments including fees and commissions.

Some Prominent ECAs

  • US Exim - USA
  • EDC - Canada
  • HERMES - Germany
  • COFACE - France
  • SACE - Italy
  • OeKB - Austria
  • ECGD - England
  • SERV - Switzerland
  • OND Ducroire - Belgium
  • CESCE – Spain
  • ATRADIUS - Netherlands
  • EKN – Sweden
  • FINNVERA – Finland
  • EKF – Denmark
  • GIEK – Norway
  • EFIC – Australia
  • JBIC – Japan
  • KEXIM – Korea
  • SINOSURE - China

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