The Export-Import Bank of the United States (Ex-Im Bank) has approved a US$38 million loan guarantee to support the sale of services and equipment by Saba, Inc.of Memphis to a Turkish non-profit foundation.
The guaranteed lender on the transaction is Deutsche Bank AG, New York, NY.
Saba will provide procurement and project management services to Basbakani Baskanliginda Darussafaka (Darussafaka), a foundation in Istanbul formed in 1863 by the Ottoman sultans to provide free education for needy children. Numerous US suppliers will provide materials and equipment for Darussafaka's projects to build a retirement home/assisted living facility in Urla, Turkey, near Izmire, and an auditorium and cinema/retail complex in Istanbul.
