International law firm Simmons & Simmons has advised J.P. Morgan on a USD 250 million financing for Vakiflar Bankası Türk Anonim Ortaklığı (VakifBank).
The financing, which includes a renewal option for up to three years, is guaranteed by the Multi-lateral Investment Guarantee Agency (MIGA) – a member of the World Bank Group– at a rate of 95% under its trade finance guarantee (TFG) programme.
Notably, the transaction is the first financing for a commercial bank in Türkiye which benefits from the MIGA TFG.
The proceeds of the facility will be used to finance the import of scrap iron and steel, which is re-cycled and reprocessed to contribute to Türkiye's exports, as well as wind turbines and related components.
Simmons & Simmons advised on all aspects of the financing and the associated MIGA TFG cover, including interaction between the MIGA TFG and the underlying financing documentation. The team was led by Sergei Kabanov, Partner in the firm’s energy, natural resources, infrastructure and construction (ENRIC) team.
The transaction follows a landmark €1.5 billion, 10 year financing facility secured in March 2026 by VakifBank from international financial institutions, which was backed by a partial guarantee from the International Bank for Reconstruction and Development, on which Simmons & Simmons also acted as the lenders' legal counsel.
Sergei Kabanov commented: “We are pleased to support J.P. Morgan, MIGA and VakifBank on this milestone $250 million financing of export and renewable energy focused sectors that will contribute to Türkiye’s economic growth objectives. This transaction, as well as the previous landmark €1.5 billion financing for VakifBank, showcases Simmons & Simmons’ leading expertise in advising lenders on financings covered by various products offered by the World Bank Group (as well as by a broader range of ECAs) and our commitment to contribute to Türkiye’s economic growth objectives.”
This transaction highlights Simmons & Simmons' expertise in advising lenders on financings sup-ported by innovative multilateral guarantee products, including the MIGA TFG, as well as a broad-er range of sovereign-backed and political risk mitigation structures.
