UK Export Finance (UKEF), the UK's export credit agency, has given a guarantee for a €781 million loan to Turkey's Rönesans Holding to complete the construction of the 286 km Adana – Gaziantep high-speed rail (HSR) line. The guarantee was given on the condition that UK companies supply goods and services for the project. Rönesans has already negotiated contracts with UK suppliers for electronic, overhead line and mechanical components as well as consultancy services. The loan, guaranteed by UKEF, is provided by J.P. Morgan, ING Bank and BNP Paribas and includes €116 million re-insured by Austrian export credit agency OeKB and €174 million guaranteed by Italian counterparty SACE. The loan supports a contract worth a total of €818 million.
