Negotiations between the Islamic Corporation for the Development of the Private Sector (ICD) and Golden Global Investment Bank have successfully concluded with the signing of a letter of intent, for the proposed extension of a USD 20 million line of finance facility, during the IsDB Group’s 2024 Private Sector Forum.
The line will be utilized by Golden Global Investment Bank for onward financing of eligible private sector projects in Türkiye. A definitive agreement will be finalized following thorough due diligence and the acquisition of all requisite internal approvals from ICD.
The signing ceremony held in Riyadh was attended by Eng. Hani Salem Sonbol, Acting CEO of ICD, and Metin Akdoğan, Deputy CEO of Golden Global Investment Bank. Commenting on the agreement, Mr. Akdoğan said, “The letter of intent we have signed with the subsidiary of a renowned institution like ICD, a member of the Islamic Development Bank Group which is considered an authority in Islamic Banking, is a testament to our bank’s reliability and reputation in the industry.
In addition, this cooperation clearly demonstrates our commitment to the private sector in Türkiye and our desire to contribute to the development of the country. With the support of Golden Global Investment Bank and ICD, private sector enterprises will be poised to increase investments, create new jobs, and strengthen the Turkish economy further.”
In addition to bolstering the Turkish economy, Golden Global Investment Bank aims to forge relationships with new institutional investors and expand its investor base in international markets. The bank has recently completed its first international Sukuk issuance, raising EUR 30 million within the scope of the “Sukuk Issuance Program” amounting to a total of 200 million USD. Golden Global Investment Bank’s credit rating has been upgraded from BBB- (tr) to A- (tr) by JCR Eurasia Rating, an international credit rating firm with Turkish capital, placing the Bank in the high investment level category.—Zawya
