Russian state firm signs $9.1bn loan deal to fund nuclear plant in Turkey

Rosatom, which has been wiring money to Ankara to shore up Turkey’s depleted foreign currency reserves, signs deal with Gazprombank, Ragip Soylu, Antalya, Turkey, 16 September 2022

A Russian state-owned company signed a $9.1bn loan deal with Gazprombank in August to fund the construction and development of Turkey’s Akkuyu nuclear power plant, according to the official documents.

In a public announcement on Wednesday, Rosatom Corp published the deal signed on 3 August, which opens a line of credit to finance Akkuyu Nuclear JSC, its subsidiary in Turkey………………………..

Bloomberg reported last month that Rosatom had decided to wire $15bn to Turkey for the construction of the $20bn Akkuyu nuclear power plant, citing officials who said that an initial $5bn had already been received…………………

The Turkish government is in dire need of foreign funding as a result of its rapidly evaporating foreign currency reserves.

Rosatom is expected to rapidly spend up to $2bn on overdue payments to subcontractors. The company told Bloomberg that it would indeed transfer some funds to Turkey, but an amount much lower than that declared by Turkish officials………….more https://www.middleeasteye.net/news/russia-turkey-gazprombank-akkuyu-plant-loan-fund