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Turkish Airlines (THY) has secured a five-year loan worth 2.9 billion yuan (about $410) million from Bank of China (BOC) Türkiye, the national flag carrier announced on Thursday.
The financing will be used for fleet expansion, growth plans, new facility investments and infrastructure projects at Istanbul Airport, the company’s communications directorate said.
The deal marks a new milestone in Turkish Airlines’ strategic efforts to diversify financing sources and reinforces its commitment to sustainable and inclusive growth, the statement read.
The financing was coordinated by BOC Türkiye, with BOC Macau acting as the lender.
Murat Şeker, chief financial officer and member of the board at Turkish Airlines, said the financing strengthens the financial structure of the flag carrier and contributes to the development of economic and cultural ties between Türkiye and China.
According to its 2023-2033 strategic plan, Turkish Airlines aims to expand its fleet to over 800 aircraft by 2033. It currently operates 512 planes, including 26 freighters.
Last month, the company announced it would order 75 Boeing 787 aircraft and had completed negotiations to buy 150 737 Max planes, subject to engine talks. In 2023, it had ordered more than 200 Airbus planes.
Turkish Airlines says it’s a carrier that flies to more countries than any competitor. It currently serves 355 destinations across 131 countries.
