Istanbul metro project gets $121m financing from Deutsche Bank

Istanbul Mayor Ekrem Imamoglu. (AFP)
Updated 24 November 2019

Istanbul metro project gets $121m financing from Deutsche Bank

  • Turkey’s treasury-backed foreign debt stock stood at $14.7 billion at the end of the second quarter

ISTANBUL: Istanbul has secured €110 million ($121 million) of financing from Deutsche Bank for an underground transport project, the mayor of the Turkish city said on Sunday.

Speaking at a news conference, Ekrem Imamoglu gave no further details on the loan, but said it was for an ongoing project on the Asian side of Istanbul.

The city of Istanbul, home to one-fifth of Turkey’s 82 million people, would likely need the treasury’s backing to issue Eurobonds. Due to increased costs of seeking funding without federal backing, municipalities often prefer to borrow from development agencies or seek project-based financing.

Turkey’s treasury-backed foreign debt stock stood at $14.7 billion at the end of the second quarter. Treasury-guaranteed issues by municipalities have not been done since 2010, according to treasury data.

So far this year Istanbul has secured $115 million in financing from Societe Generale, $86.2 million from Black Sea Trade and Development Bank and $108.4 million from the European Bank for Reconstruction and Development.


Getting more women into leadership positions top priority: CEO

This June 23, 2018 photo, shows a general view of Riyadh, Saudi Arabia. (AP)
Updated 18 January 2020

Getting more women into leadership positions top priority: CEO

  • Saudi Arabia is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic

RIYADH: The boss of one of Saudi Arabia’s biggest banks says that getting more women into leadership positions is a top priority.
Samba CEO Rania Nashar chairs the action council for Women in Business created by the Business Twenty (B20), which is the official G20 dialogue with the business community. It represents the global business community across all G20 member states and all economic sectors.
She said the council was set up to boost women’s particpation not only in business but also in global leadership positions.
During the launch of the B20 in Saudi Arabia this week, Nashar highlighted the under-representation of women in the economy.
“There is a gap of 27 percent between male and female workers; 75 percent of males are part of the labor force while only 48 percent of females are working,” she said.
She said it was important not to just talk about women as workers but as business owners.

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Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020.

“That’s why entrepreneurship is very fundamental to our task force,” she said.  “The majority of the finance development programs have incentives for giving loans to females; however, despite the fact that many large borrowers are females, the amount of loans granted to them is far below what is granted to males,” she added.
Nashar said that two-thirds of female business founders feel that they were not taken seriously by investors when they pitch for investments. They also feel that they are treated differently from their male counterparts.
Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020. The Kingdom is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic.