News
2019.08.29
Turkish Canakkale Project Wins PF Project Awards of the Year
Turkish Canakkale Project Wins PF Project Awards of the Year
The Turkish Canakkale Project won a total of 11 financial prizes in the first half of this year, including the PF Project Awards of the Year awarded by 6 global financial magazines such as PFI, IJ Global, and EMEA Finance on August 13. The Canakkale Project is a mega-scale suspension bridge project injected with 3.1 billion Euro (KRW 4 trillion) by Daelim and SK E&C along with Turkish local companies (Limak and Yapi Merkezi) (25% stake each).
In March last year, the Canakkale Project succeeded in procuring 2.3 billion Euro (KRW 3 trillion) fund in PF mode to cover the total project cost. A total of 25 financial institutions of 10 countries participated as creditors including the Export-Import Bank of Korea, Korea Trade Insurance Corporation, Korea Development Bank, SC Bank, ING Bank, Industrial and Commercial Bank of China, and Turkey’s Garanti Bankasi. 
Such achievement was made within a year of winning the project, thanks to active support from Korean export credit agencies as well as the Turkish government. Korea EXIMBANK and KTIC provided 1 billion Euro and attracted investments from many Korean private banks and foreign banks. The creditors’ risk was also minimized as the Turkish government promised to shoulder the debts if the principal and interest of the project are not repaid.
