Istanbul turns to foreign funding as state banks close their doors to city ...Saudi Arabia

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Istanbul turns to foreign funding as state banks close their doors to city
Sat, 2020-12-05 22:11 ANKARA: The refusal of Turkey’s state-run banks to extend loans to Istanbul is forcing the municipality to seek loans from abroad. At a press conference in Istanbul on Wednesday, Ekrem Imamoglu, the mayor of Istanbul, announced that the municipality issued its first eurobond to international capital markets to fund its new infrastructure projects. The municipality secured $580 million of financing with this eurobond for four landmark subway projects in the city. “Our relationship with foreign financing sources will continue. This could be either another bond issue, project financing or another instrument,” Imamoglu said. Imamoglu declared he will focus on metro

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