Main points of this Communiqué are as follows;
● Under the planned structure, projects eligible for financing will cover long-term, capital-intensive projects concerning infrastructure, energy, industry, technology, transportation, communication and health, which are developed for carrying out public services.
● In order for projects to be eligible for financing, the originator must have an independent financial feasibility study including, demand for the project, cash flows and risk analysis. Projects must also have all necessary permissions and licenses, and any necessary land and soil surveys must be completed.
● Project Finance Funds may be established by banks or investment firms having the appropriate CMB authorizations in relation to the provision of capital markets services and activities. The establishment of the Funds as well as the prospectus and information documents for project bonds will be subject to CMB approval.
● Project bonds may be issued in Turkish Lira or foreign currencies. Issuances may be made in Turkey or abroad. Issuances in Turkey may be carried out with or without public offering. Bonds offered to public must be have ratings issued by credit rating agencies authorised to operate in relation to capital markets. Project bonds offered to public must also be traded at Borsa Istanbul.
Please find below Turkish version of the Communiqué: