With the ceremony held at the 33rd Ministerial Meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), headed by President Recep Tayyip Erdoğan, loan agreements totaling TL 2.25 billion ($56.6 million) were signed.
Mehmet Şimşek, deputy prime minister in charge of the economy, signed the agreements on behalf of Turkey. The long-term financing provided by agreements signed with the Islamic Development Bank (IDB) will be used in the transportation and energy sectors.
According to the first agreement signed between the Undersecretariat of Treasury and IDB, 312 million euros will be financed with a 20-year maturity for the purchase of 10 high-speed train sets within the scope of the "Procurement of 106 High-Speed Train Sets" project carried out by Turkish State Railways (TCDD).
The other agreement was signed between the Development Bank of Turkey and IDB with a Treasury reimbursement guarantee. Accordingly, a $200-million loan will be provided for 20 years, with a five-year grace period. The resource will be used in energy, energy efficiency and renewable energy projects.
