Turkey's sovereign wealth fund was reported to have commissioned Citibank and Industrial Commercial Bank of China (ICBC) to coordinate a 1-billion-euro ($1.14-billion) syndicated loan, according to Bloomberg.

The loan will have a two-year maturity with the option to extend for another year with the purpose of supplying liquidity for the companies Turkey Wealth Fund (TWF) incorporates. This syndicated loan will be recorded as the first international borrowing of the fund.

TWF was set up in August 2016 with a view to protect and increase the value and efficiency of $200 billion worth of assets and facilitate large-scale investments.

Following the June elections, the fund was restructured and President Recep Tayyip Erdoğan became its chairman while Treasury and Finance Minister Berat Albayrak was appointed the deputy chairman. Zafer Sönmez, former Turkey manager of Malaysian wealth fund Khazanah, assigned as the general manager.

The Turkish fund holds a number of assets it took over from Turkey's Treasury shares in key state-run institutions including lender Ziraat Bank; stock exchange market Borsa Istanbul; the General Directorate of Post and Telegraph Organization (PTT); the Petroleum Pipeline Corporation (BOTAŞ); national petroleum producer Turkish Petroleum (TP) and national satellite operator TÜRKSAT. The Treasury's 6.88 percent share in Turkey's biggest telecommunication company Türk Telekom, along with shares in the state-run official mining company Eti Maden and the General Directorate of Tea Enterprises (ÇAYKUR) now also belong to the sovereign wealth fund.

Moreover, the Treasury's 49.12-percent stake in national flag carrier Turkish Airlines (THY) and 51.11 percent of shares in state-lender Halkbank were transferred to TWF in early 2017.