Related News

SG Corporate & Investment Banking (SG CIB) has signed four export credit agency (ECA)-supported buyer credits amounting to US$98mn with Erdemir group, the largest steel producer in Turkey.
SG CIB had signed three buyer credits covered by Sinosure, the Chinese export credit agency, to finance three commercial contracts for a total amount of US$59.1mn on June 30. These contracts had been signed in June and September 2004 between Isdemir (a 91% subsidiary of Erdemir group) and the China Metallurgical Equipment Corporation (MECC) for the supply and installation of coke oven battery cars, coke oven batteries and a pulverised coal injection facility for Isdemir, a steel plant in Iskenderun, Turkey.
These are the first ever transactions with a corporate in Turkey to be covered by Sinosure.
On May 12, SG CIB signed a structured buyer credit covered by ECGD, the UK ECA, to finance a commercial contract of US$30mn signed on June 15, 2004 between Erdemir and VAI Industries (UK) for the refurbishment of a steel plate rolling mill. This UK buyer credit also included French, Italian and Finnish content with reinsurance through Coface and Sace.
This is the first major ECGD transaction with a Turkish corporate in recent years.