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Turkey

Saudi American Bank - Istanbul

$4.5 million
Banking
Project Brief
Not Active

Project Facts

Project Facts

Project Facts

Turkey
Project ID
2549
Guarantee Holder
Saudi American Bank
Investor Country
Saudi Arabia
Environmental Category
FI
Project Type
Non-SIP
Fiscal Year
1993

MIGA issued a guarantee for $4.5 million to Saudi American Bank for its capital contribution. to expand its branch-banking operations in Istanbul, Turkey. Saudi American Bank provides a wide range of advisory and financial services in Turkey. The project will assist Turkey in expanding and diversifying the financial resources available for productive investment in the country, will expose domestic financial institutions to more international competition, and will contribute to improved trade and investment relations between Turkey and Saudi Arabia. MIGA's guarantee covers the risks of currency transfer and expropriation. This project represents MIGA's first coverage of an investment by a firm from a developing member country in another developing member country.