The Islamic Development Bank (IDB) provided loan for Turkish railways on Thursday, Turkey's Treasury Undersecretariat said.

The Islamic Development Bank granted 153.6 million USD loan to the Turkish State Railways Administration (TCDD), a statement of the undersecretariat said.

The TCDD will use the loan to rehabilitate railways and procure 250,000 tons of rail and other equipment.

The loan with 18-year maturity has a 20-year SWAP Rate 55 bps interest rate, with a three-year grace period.

The Islamic Development Bank is an international financial institution formally opened in October 1975. The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly.

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19/03/2009