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

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

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