Turkey’s energy sector has $12-13 billion worth of loans that require restructuring, out of a total $70 billion total sector loans, lender Garanti Bank’s deputy general manager Ebru Edin said.
Some of the loans that are in need of restructuring could pose an issue after the restructuring, Edin said, adding that the planned energy sector fund will be managed by a portfolio management company.
Garanti Bank, Turkey’s third largest bank by asset size, has financed several energy projects in Turkey. Some $23 billion of the sector’s total loans have already been paid, Edin told a televised interview on Bloomberg HT.
Turkey’s energy sector has $12-13 bln worth of problem loans