Deal details

Ankara-Izmir High Speed Railway - UKEF Covered Loan


Credit Suisse and Standard Chartered are acting as joint MLAs, coordinators and bookrunners in the financing to the Republic of Turkey acting through the Ministry of Treasury and Finance for the construction of the 600km-long high-speed railway infrastructure connecting the cities of Ankara and Izmir.The project, with a total value of EUR 2.2 billion, was awarded to ERG Group in October 2020 and will help to alleviate traffic congestion and reduce CO2 emissions, therefore allowing the transaction to be classified as Green Loan under LMA’s Green Loan Principles.The project is fully financed with a combination of a UKEF-covered loan and a tied commercial facility.

Assets involved

Sustainable categories

  • GL3: pollution prevention and control
  • None

Companies involved

  • Bank of China, BBVA, Credit Suisse, DZ Bank, Helaba (Landesbank Hessen-Thüringen), HSBC, KfW IPEX-Bank, QNB Finans Finansal Kiralama, Societe Generale, Standard Chartered, Turkiye Garanti Bankasi, Turkiye is Bankasi (Isbank), Turkiye Vakiflar Bankasi (Vakifbank)
  • BBVA, DZ Bank, Helaba (Landesbank Hessen-Thüringen), KfW IPEX-Bank
  • BNP Paribas, Commerzbank, Credit Suisse, Deutsche Bank, ING Bank, JP Morgan, Landesbank Baden - Wurttemberg (LBBW), Lloyds Bank, Santander, Societe Generale, Standard Chartered, UniCredit
  • Clifford Chance
  • Credit Suisse, Standard Chartered
  • Credit Suisse, Standard Chartered
  • Credit Suisse, Standard Chartered
  • Credit Suisse
  • Credit Suisse
  • ERG
  • Golder Associates
  • Government of Turkey
  • OeKB - Oesterreichische Kontrollbank Aktiengesellschaft, SACE, SERV - Swiss Export Risk Insurance
  • UK Export Finance

Key information

Ministry of Treasury and Finance of Turkey



Infrastructure / Rail


Project & Infrastructure Finance

Equipment for a project

Sovereign finance

New finance

Tranche information

ECA-backed buyer credit


Euro - EUR


17.5 years

UK Export Finance



Term Loan


Euro - EUR


10.0 years