Turkey's Isbank secures $400M loan from China

By Gokhan Ergocun

ANKARA (AA) - Turkey’s Isbank announced on Thursday it has secured a $400 million loan agreement with the Export-Import Bank of China.

The three-year loan will be used for financing imports from China, according to a statement.

Turkey's private lender Ziraat also signed a $600-million agreement with China Development Bank, last week.

Turkish Deputy Prime Minister Mehmet Simsek sought Chinese investment for infrastructure projects in Turkey during an official visit to Beijing, last week.

Simsek held meetings with representatives from People's Bank of China, the Industrial and Commercial Bank of China and the Bank of China.

During the visit, his Chinese counterpart Wang Yang said: "We would like to expand cooperation in all areas."