Turkish lender TSKB (Turkiye Sinai Kalkinma Bankasi), 50.1% owned by one of Turkey's largest private lenders Is Bankasi, informed in a filing with the Bourse Istanbul that it obtained a USD 220mn worth of loan in the form of restricted mudarabah from the Islamic Development Bank (IDB) under the guarantee of Turkish Treasury. TSKB will use the loan facility in order to finance renewable energy and energy efficiency projects in Turkey , the statement detailed. Restricted mudarabah is a form of financing in Islamic finance. Earlier this month, Hungary's state-owned Export Import Bank Eximbank announced that it signed financial cooperation agreement with TSKB. Under the agreement with TSKB, Eximbank can provide financing at a favourable commercial interest reference rate, with medium and long maturity as well. In December again, TSKB obtained a EUR 150mn worth of loan from the European Investment Bank (EIB) under the guarantee of Turkish Treasury. TSKB would use the loan to finance SMEs' investment expenditures. Last month, TSKB obtained a EUR 100mn loan from Kreditanstalt fÜr Wiederaufbau (KfW) to finance energy and source efficiency investments. This was the first loan ever which TSKB obtained from KfW without Treasury guarantee. Also in November, rating agency Fitch upgraded TSKB's IDRs to BBB from BBB- with a stable outlook again.
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