In line with its goal of supporting our country’s exports, Türk Eximbank has significantly increased the funds it secures from international financial institutions. In this context, in addition to increasing the total amount of funding, diversifying sources through different financing instruments has been identified as a strategic priority.

Collaborations with international organizations, multilateral development banks, and official export credit agencies (ECAs) have been deepened to secure cost-effective and long-term funding to support exporters’ sustainability-focused transformations. The advantageous financing opportunities provided in this framework aim to enhance the competitiveness of exporters in international trade.

The Bank’s effectiveness in capital markets and investor confidence were confirmed by successful issuances in 2025. Through this strategy to increase its medium- and long-term funding sources, Türk Eximbank remains committed to contributing to Türkiye’s goal of export-driven sustainable growth.

Projects Implemented in 2025

In 2025, Türk Eximbank successfully completed two critical technology infrastructure projects aimed at digitalizing Treasury management processes and minimizing operational risks. The Systematic Monitoring of the Bank’s FX Position Project enabled real-time, centralized tracking of the institution’s foreign exchange position, maximizing efficiency and data accuracy in currency risk management. The simultaneously implemented Integration of Market Rates into Banking Applications Project enabled the direct transfer of real-time exchange rate data from international markets to core banking systems, thereby supporting the execution of all financial transactions with up-to-date, real-time data.

Borrowing Activities

Excluding TL Rediscount Loans, nearly all TL loans disbursed in 2025 were funded using TL resources generated from paid-in capital and interest collections.

Details of the Bank’s borrowing activities in 2025 are as follows:

• As of December 31, 2025, the balance of the CBRT rediscount facility, including TL Rediscount Loans, reached USD 12.2 billion.
• In 2025, Türk Eximbank secured a total of USD 8.7 billion in funding, excluding funds obtained through Treasury transactions (repo, TRS, and borrowing). Of this amount, USD 2 billion consists of funds from supranational institutions secured for sustainability purposes, sustainability-linked syndicated loans, and a murabaha transaction.
• In May 2025, Türk Eximbank secured funding in EUR, USD, and CNY, totaling USD 1 billion, under the largest syndicated loan agreement in its history. This financing was structured in three different currencies with one, two, and three-year maturities and is sustainability-themed.
• In June 2025, the pricing of a three-year Eurobond transaction in international markets was completed, securing USD 500 million in funding.
• To support trade between Türkiye and the European Union, particularly Austria, the Bank secured EUR 200 million in 10-year financing from KfW IPEX-Bank in July 2025, insured by OeKB, Austria’s official export credit agency.
• In August 2024, a one-year syndicated loan of EUR 300 million was signed under a MIGA (a member of the World Bank Group) guarantee to meet the trade finance needs of Turkish exporters. The loan was renewed in August 2025, extending its maturity to August 2026.
• A total of USD 1.7 billion in financing was secured through bilateral agreements and club loans with major international financial institutions. In this context, three-year funding of CNY 1 billion and USD 150 million was obtained from the ICBC Group in August through two separate transactions.
• In September 2025, the pricing of a five-year Eurobond transaction in international markets was completed, securing USD 600 million in funding.

• In November 2025, a USD 730 million syndicated loan transaction, with its one-year tranche sustainability-linked, secured funding with one-, two-, and three-year maturities.
• In December 2025:
  • USD 84 million in 10-year funding was secured from SMBC under the insurance of NEXI, Japan’s official export credit agency.
  • An agreement was signed with the Asian Development Bank (ADB), an international financial institution focused on development in the Asia-Pacific region, to provide EUR 500 million in funding with a 19-year maturity.
  • A three-year loan agreement for CNY 1 billion was signed with The Export-Import Bank of China (CEXIM), China’s official export credit agency.
• Since the beginning of the year, a total of USD 3.5 billion in funding has been secured from international capital markets through private placement transactions.
• During the year, a total of USD 680 million in funds was secured in compliance with participation finance principles, with details provided below:
  • Under the 10-year, USD 100 million Islamic financing agreement signed in November 2024 with the Islamic Development Bank under the guarantee of the Republic of Türkiye Ministry of Treasury and Finance, a total of USD 50 million was secured, with USD 25 million in March 2025 and USD 25 million in September 2025.
  • In August, USD 145 million in Islamic syndicated financing was secured, coordinated by the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, and a multilateral development finance institution.
  • In June, USD 250 million in 3-year funding was secured under an agreement signed with Kuwait Finance House. Additionally, along with the USD 100 million secured through the Bank’s first sustainability-linked murabaha transaction and additional funds from various international institutions, a total of USD 485 million in Islamic financing, all with medium and long-term maturities, was obtained.

Furthermore, USD 3.2 billion in funding was secured through Treasury transactions (repo, TRS, borrowing, swaps, etc.). As of the end of 2025, the existing funding stock stands at USD 1.04 billion.

Fund Management Activities

In 2025, national and global economic developments were closely monitored, and utmost importance was given to liquidity, interest rate, and currency risk management, taking into account interest and exchange rate movements, the global macroeconomic environment, and the balance between return and cost.

As part of liquidity management, existing resources (equity, funds raised through borrowing from money and capital markets, etc.) were effectively utilized in the CBRT, Takasbank Money Market, and the interbank market, contributing to financial performance.

The share of liquidity held within the legal limits specified by the BRSA’s Regulation on the Measurement and Assessment of the Liquidity Adequacy of Banks averaged 7.8% of total assets in 2025, while the share of the securities portfolio in total assets averaged 4.6%.

During this period, short and long-term swap transactions continued to be used for cash flow management and to ensure asset-liability matching. The total volume of swap transactions conducted in 2025 for cash flow management, asset-liability matching, and arbitrage purposes reached USD 47.3 billion, comprising USD 45.3 billion in short-term and USD 2.03 billion in long-term transactions.

Hedge accounting practices were continued for interest rate and cross-currency swap transactions used to align foreign currency funds obtained from international markets through bond issuances or other borrowings with the asset structure, thereby preventing volatility in the income statement.

Treasury products continued to be offered to protect the competitiveness of exporters in global markets and to enhance their ability to manage currency risk arising from foreign currency receivables and liabilities, as well as interest rate risk from interest rate fluctuations.

Türk Eximbank has adopted a core strategy of diversifying its medium and long-term borrowing instruments and deepening international collaborations to meet its foreign currency funding needs effectively and sustainably.

International Financing Strategies and Targets

The Bank’s targets for 2026 and beyond are as follows:

• MIGA Loan and Maturity Extension: The syndicated loan of EUR 300 million, signed in August 2024 with a three-year maturity under a MIGA guarantee, is planned to be renewed for a second extension period.
• Expansion of Collaborations: The goal is to expand collaborations with ECAs, in addition to existing partnerships with international organizations and multilateral development banks.
• Diversification of Funding Structure: The aim is to strengthen the Bank’s funding base with value-added, sustainability-focused, and medium/long-term borrowing products.

2026 Treasury Projects and Targets

To enhance efficiency and technological adaptation in Treasury management processes, the following projects are targeted for implementation in 2026:

• Establishment of an Intraday Liquidity and Resource Management System: A centralized management system is planned to be implemented to monitor the Bank’s cash flow in real time and optimize resource utilization.
• Use of Real-Time Market Rates in Banking Processes: As a continuation of the integration efforts initiated in 2025, the goal is to ensure the end-to-end use of real-time market rates in all banking operations.
• Improvement of Derivative Product Processes: The aim is to digitalize the management processes of derivative instruments used for hedging purposes and to increase their operational efficiency.