Additional Financing Loan Agreement for Ankara-Istanbul High Speed ​​Train Project Entered into Force

The Republic of Turkey State Railways General Directorate of being executed, which Ankara-Istanbul High Speed ​​Train Project, additional financing in order December 13, 2011 date of the Agreement entered into force for the loan signing of 400 million euros with the European Investment Bank. ANKARA (ANKA) - Turkey Republic State Railways Administration, which is implemented by the General Directorate of Ankara-Istanbul High Speed ​​Train Project, additional financing purposes European Investment Bank on 13 December 2011 (EIB) and for loan signed 400 million euros Convention entered into force. The bank will propose the loan in no more than 16 slices. Each slice will be at least € 25 million, excluding the most recent tranche of the loan.
According to the International Treaty to publish in the Official Gazette of the Republic of Turkey State Railways to be effective from Enterprise Directorate General which they carry Ankara-Istanbul High Speed ​​Train Project, additional financing in order December 13, 2011 Date of the European Investment Bank and the date of signature of the Convention relating to the loan signing of 400 million euros The enactment was decided by the Council of Ministers on 28 January 2011 upon the letter of the Deputy Prime Minister dated 2 December 2012.
The first cost of TCDD's project for the construction of a 44 km long electric double-track high speed railway for passenger traffic between Gebze (478 kilometers east of Istanbul) and Ankara was estimated at 2 billion 566 million Euros. Due to some technical changes and additional structures, the total cost of the project was estimated to be 3 billion 648 million Euros.
Within the scope of the decision, the project's financing form is expected to be:
. 2 billion 78 million Euros Turkish National Budget, 120 million Euros is the financial contribution provided by the European Commission under the Instrument for Pre-Accession Assistance, 1 billion 450 million Euros from the banks. “
With the contract, the bank will establish a loan of 400 million to the debtor for financing the project. The bank will issue the maximum number of credits in 16. Except for the last one, which constitutes the last balance of the loan, each slice will be at least Euro 25 million.

Source : http://www.haberx.com

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