Golden Global Investment Bank Signs Letter of Intent for $20M Line of Finance from the Islamic Development Bank Group
The line will be utilized by Golden Global Investment Bank for onward financing of eligible private sector projects in Türkiye
RIYADH, Saudi Arabia, May 13, 2024/ — Negotiations between the Islamic Corporation for the Development of the Private Sector (ICD) (https://ICD-ps.org) 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.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
About Golden Global Investment Bank:
Golden Global Investment Bank stands out as Türkiye’s first investment bank dedicated to interest-free banking principles. Officially commenced its operations in June 2020, Golden Global Investment Bank takes a boutique banking approach, prioritizing personalized service and innovative financial solutions. The Bank offers investment banking, transactional banking (cash management and international trade finance) and treasury products and services to corporate and commercial banking customers while adopting interest-free financing. Golden Global Investment Bank reported robust financial growth in 2023. By year-end, total assets had significantly increased by 382.43% to TL 12.4 billion. Equity also demonstrated strong growth, rising 263.47% to TL 1.3 billion. As of January 1, 2024; JCR Eurasia Rating has affirmed Golden Global Investment Bank’s creditworthiness by upgrading the Long-Term National Issuer Credit Rating from BBB- (tr) to A- (tr) within the high investment level category.
About the Islamic Corporation for the Development of the Private Sector (ICD):
ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. ICD’s mandate is to support economic development and promote the growth of the private sector in its member countries through providing financing facilities and/or investments in accordance with Shariah principles. Additionally, ICD offers advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises. ICD is rated ‘A2’ by Moody’s, ‘A+’ by Fitch, and ‘A-‘ by S&P.
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Islamic Corporation for the Development of the Private Sector (ICD)