Loan approved for electric locomotives
Güncelleme Tarihi:
Hürriyet
Oluşturulma Tarihi: Haziran 05, 2009 00:00
ISTANBUL - For the production of new electric locomotives, the Islamic Development Bank will provide a $220 million loan to the Turkish government.
The announcement was made at the annual meeting of the IDB, which was held in Ashgabat, the capital of Turkmenistan. The bank approved loans for an electric locomotive production project, which the Turkish State Railways, or TCDD, will implement in the northwestern city of Eskişehir with TÜLOMSAŞ, a locomotive supplier in Turkey with a longstanding and vast experience in manufacturing and maintenance.
The IDB will provide $220 million in loan support for the project, which aims to produce 75 new electric locomotives to be used for freight business. The loan will be paid off in installments over 19 years, including a deferment period of four years.
Loan for sewer project
With the recent $220 million loan for the TCDD, the IDB has now opened $300 million in project loans to Turkey.
The bank had previously approved a loan worth $80 million for the municipalities of Yalova and Bolu, both located in northwestern Turkey, to be used for sewer investments. In addition to the project loans the bank oversees, one of its subsidiaries, the Islamic Trade Finance Corporation, or ITFC, provides loan support for investment and development banks. Meanwhile, agreements have been reached on a $100 million loan for Eximbank, Turkey’s official export credit agency, and a $40 million loan for the state-owned Development Bank of Turkey that will be used for small- and medium-sized enterprises.
The IDB will provide $220 million in loan support for the project, which aims to produce 75 new electric locomotives to be used for freight business. The loan will be paid off in installments over 19 years, including a deferment period of four years.
Loan for sewer project
With the recent $220 million loan for the TCDD, the IDB has now opened $300 million in project loans to Turkey.
The bank had previously approved a loan worth $80 million for the municipalities of Yalova and Bolu, both located in northwestern Turkey, to be used for sewer investments. In addition to the project loans the bank oversees, one of its subsidiaries, the Islamic Trade Finance Corporation, or ITFC, provides loan support for investment and development banks. Meanwhile, agreements have been reached on a $100 million loan for Eximbank, Turkey’s official export credit agency, and a $40 million loan for the state-owned Development Bank of Turkey that will be used for small- and medium-sized enterprises.