Buyer’s Credits and Project Finance

Through its Buyer’s Credits and Project Finance Programs, Türk Eximbank aims to finance projects undertaken by Turkish contractors abroad and foreign buyers (public and private sector) purchasing Turkish goods and services, with the goal of increasing Türkiye’s exports, diversifying exported goods and services, supporting access to new markets, and enabling Turkish companies to gain competitiveness and assurance in international markets.

Under Buyer’s Credits, borrowers may be sovereign states, public institutions guaranteed by the buyer country, or foreign and domestic banks within the allocated limits.

In this context, Buyer’s Credits and Project Finance activities make significant contributions by not only providing direct financial support but also by enhancing the Bank’s international credibility, facilitating exporters’ access to new markets, and supporting export-driven growth targets.

2025 Developments

In 2025, Buyers’ Credits and Project Finance activities were carried out amid ongoing global geopolitical risks, relatively tight financial conditions, and constraints on publicly guaranteed borrowing. Despite these challenges, Türk Eximbank effectively utilized selective, structured financing solutions based on risk sharing to enable exporters and contractors from Türkiye to continue operating in foreign markets and to undertake new projects.

In this framework, throughout 2025, the Bank continued to provide financing support for projects planned to be undertaken by Turkish companies, particularly in markets across Africa, Asia, Europe, and South America, and assumed a guiding and supportive role for exporter and contractor firms during the project development phase. Buyer’s Credits and Project Finance activities continued during the year through the issuance of letters of intent, the establishment of credit limits, and the execution of disbursements and collections.

In this context, 56 letters of intent were issued throughout the year for projects planned by Turkish companies in a total of 18 countries across Africa, Asia, Europe, and South America.

In full alignment with the Republic of Türkiye Ministry of Trade’s “Target Countries for Export” strategy, Türk Eximbank allocated buyer’s credit limits totaling USD 969 million to 36 banks in 34 countries.

Under the State-Guaranteed Buyer’s Credits Program, disbursements totaling approximately USD 28 million were made in 2025 within the framework of loan agreements signed with Tunisia and Uzbekistan. During the same period, collections amounting to USD 105.2 million were received from borrowers within the Buyer’s Credits and Project Finance portfolio.

Under the State-Guaranteed Buyer’s Credits Program:

• USD 804.5 thousand was disbursed in 2025 under the loan agreement signed with the Tunisian Ministry of Development, Investment and International Cooperation,
• A disbursement of USD 27.1 million was made under the loan agreement signed with the Ministry of Economy and Finance of Uzbekistan.

From an operational perspective, project development processes were supported through letters of intent, credit limits, reinsurance agreements, and international collaborations, which enhanced the Bank’s effectiveness and visibility in international markets. From a financial standpoint, the sustainability of the portfolio was maintained through disbursements, collections, and risk-sharing arrangements, ensuring the effective management of credit risk.

Overall, 2025 was a period in which, despite global uncertainties, Türk Eximbank maintained stable operations in the field of Buyer’s Credits, leveraging its experience, international collaborations, and flexible financing structures, while balancing risk management with export support processes.

Projects Implemented in 2025

In 2025, various applications and transactions were implemented under Buyer’s Credits and Project Finance to finance projects and trade deals planned by Turkish companies abroad. In this context, disbursements were made under ongoing loan agreements, particularly within the framework of government-guaranteed buyer’s credits, and financing structures were established to facilitate the evaluation of new business opportunities in high-risk and emerging markets.

Additionally, risk-sharing-based transactions were implemented through reinsurance agreements, and reinsurance support was provided for two different transactions in 2025 as part of collaborations with other countries’ export credit agencies.

Furthermore, to support the export-oriented direct investments of Turkish industrial firms, an investment financing transaction for their overseas acquisitions was completed. The lending transaction was supported by a structured finance model and international insurance mechanisms, serving as a significant example of the Bank’s implementation capabilities in foreign investment.

Under the Paris Club Common Framework, the Republic of Türkiye, through the Ministry of Treasury and Finance, participated in the creditor committees formed for the debt restructuring processes of Ghana and Ethiopia, and the related memoranda of understanding were signed by Türk Eximbank. Legal negotiations for the restructuring agreements are ongoing.

Future Projection: Targets for 2026 and Beyond

In the upcoming period, the goal is to enhance Buyer’s Credits and Project Finance activities by increasing support for projects undertaken by Turkish companies in third countries and by diversifying financing mechanisms. In this context, plans include expanding financing opportunities for private sector buyers, promoting the use of reinsurance and risk-sharing-based structures, and applying the project finance model across a wider geographical area.

Additionally, the objectives include deepening collaborations with multilateral financial institutions and other countries’ export credit agencies, creating new financing and guarantee mechanisms, and offering more flexible and structured solutions in line with developments in international markets. Accordingly, Türk Eximbank aims to continue increasing its support for exporters and contractors in the areas of Buyer’s Credits and Project Finance in the upcoming period.

International Relations

In 2025, Türk Eximbank continued to expand its strong network of cooperation established with multilateral financing institutions as well as the official export credit agencies of many countries. With over 60 international agreements already in place involving various strategic cooperation mechanisms, the Bank has resolutely continued its efforts to sign new agreements to enhance its effectiveness in the global financial ecosystem.

Efforts continued in 2025 to add to the reinsurance agreements signed in previous years with USEXIM (USA), UKEF (United Kingdom), BPIFrance (France), EKF (Denmark), OeKB (Austria), MEHIB (Hungary), EKN (Sweden), KUKE (Poland), and QDB (Qatar). These agreements aim to enhance the competitiveness of Turkish exporters and contracting firms in international markets by enabling co-financing for projects they undertake jointly with foreign companies in third countries.

In line with its strategy to expand its global cooperation network, the Bank signed strategic reinsurance agreements with Finnvera, the official export credit agency of Finland; SACE, the official export credit agency of Italy; and CESCE, the official export credit agency of Spain. These agreements aim to establish a coordinated financing and guarantee mechanism for projects and transactions jointly undertaken by companies from the two countries in third countries.

Additionally, memoranda of understanding for general cooperation were signed with BAEZ, the official export credit agency of Bulgaria; EBP, the official export credit agency of Pakistan; CDP, the development agency of Italy; Etihad Credit Insurance (ECI), the official export credit agency of the United Arab Emirates; and SERV, the official export credit agency of Switzerland.

Türkiye is an active member of the OECD Group on Export Credits and Credit Guarantees. This group operates to facilitate the exchange of information and views among the relevant institutions of member countries and to ensure policy coherence. The Bank regularly participates in the organizations of this group. In addition, the Bank became a Participant to the OECD Arrangement on Officially Supported Export Credits, which sets the minimum conditions for export credits. During these meetings, effective contributions were made to the formulation of Türkiye’s position and views on the critical issues discussed.

Türk Eximbank participated in the 2025 meetings, seminars, and workshops of the Berne Union (International Union of Credit and Investment Insurers), the Aman Union (DHAMAN [The Arab Investment and Export Credit Guarantee Corporation] and the Union of Insurers and Reinsurers of Commercial and Non-Commercial Risks in Member Countries of the Organization of Islamic Cooperation), the Asian Exim Banks Forum, and ADFIMI (Association of National Development Finance Institutions in Member Countries of the Islamic Development Bank), all of which it is a member. As a current Executive Committee member of the Aman Union, Türk Eximbank contributed to meetings aimed at shaping the union’s future strategies and goals and chaired the Short-Term Export Credit Insurance Committee. The Bank’s role as a member of ADFIMI’s Supervisory Board is ongoing.

Furthermore, seminar programs were organized for delegations from Kazakhexport, the official export credit agency of Kazakhstan; the Kenya Development Corporation; Qatar Development Bank; Saudi Eximbank; and Pakistan Eximbank to introduce Türk Eximbank’s activities and facilitate the sharing of information and experience.

Efforts were undertaken to establish new mechanisms with foreign export credit agencies and regional multilateral financial institutions for financing projects and export transactions involving companies in Türkiye, and/or to share experiences related to specific programs. In this context, participation in various programs, workshops, and panels was ensured throughout the year.

In this context, in addition to events such as a joint promotional event with QDB, the Global 2025-Export, Agency and Project Finance Event, and the 5^th TABEF-Türkiye-Africa Business and Economic Forum, the Türkiye-Africa Day was organized in Istanbul on June 30–July 1, 2025, in partnership with the Africa Finance Corporation (AFC), in which the Bank is the first non-African shareholder. The event, attended by high-level government officials from African countries, representatives of regional development banks, and representatives of Turkish public institutions, provided an opportunity for leading Turkish companies to engage in discussions about potential projects in Africa. Panels held during the event also highlighted potential cooperation opportunities on the continent.