Australia’s Export Finance and Insurance Corporation (Efic) has finalised a package, worth nearly US$107.2mn for the Istanbul Metropolitan Municipality (IMM). This will enable IMM to purchase two high-speed catamarans to be constructed by Austal Ships.

Efic worked with KfW of Germany and the European Investment Bank (EIB) to structure and arrange the 100% finance package whereby Efic will provide an export finance guarantee to KfW for 80% of the contract amount.

Efic’s guarantee covers KfW, as the lender, against commercial and political risks that may arise during the term of the loan. The remaining portion of the contract amount is to be provided by EIB with the backing of KfW.

IMM, through its ferry operating company, Istanbul Deniz Otobusleri (IDO), is one of the world’s largest ferry operators, transporting over 12mn passengers in and around Istanbul each year.

Austal’s export success has also been aided by extensive support from Austrade since the early 1990s. Austrade’s Istanbul office was helpful in securing this repeat business in Turkey.