ISTANBUL, Oct. 28 (Xinhua) -- Bank of China (BOC) Trkiye has extended a five-year loan worth 2.9 billion yuan (about 412 million U.S. dollars) to Turkish Airlines to support the flag carrier's development projects, the bank announced on Tuesday.
The financing will be used for fleet expansion, cargo business growth, and the construction of a new simulator training center, it stated.
According to the statement, BOC Trkiye worked with its Macau branch to provide a cross-regional financing solution, "effectively responding to the airline's funding needs." On the same day, with support from the bank's headquarters, it also completed the related foreign exchange transaction.
The RMB-denominated loan marks a significant step in China-Trkiye financial cooperation, the statement said, adding that Turkish Airlines' choice of RMB financing underscores its growing focus on the Chinese market and support for RMB internationalization.
Turkish Airlines, Trkiye's national flag carrier, was founded in 1933 and is 49.12 percent owned by the Trkiye Wealth Fund. The airline currently operates a fleet of 512 aircraft, including 26 freighters, serving 353 destinations across 131 countries.
