WASHINGTON -- J.P. Morgan & Co. and International Finance Corp., a unit of the World Bank, jointly arranged a $120 million syndicated loan for a private bank in Turkey.

The medium-term note, which is to be structured in a multiple-tranche arrangement involving several banks, will allow Turkiye Garanti Bankasi A.S. to expand its export financing.

International Finance is providing $100 million of the financing, keeping $20 million and syndicating $80 million among commercial banks. The additional $20 million comes from a floating-rate note issue led by Morgan.

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