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Agrement between Development Bank of Turkey and Islamic Development Bank
 
Home Page \ Kalkınma News \ Agrement between Development Bank of Turkey and Islamic Development Bank

A Unique Step of Collaboration between Development Bank of Turkey and Islamic Development Bank.

For the first time in its history, the Islamic Development Bank has granted the SMEs a long-term investment credit through the Development Bank of Turkey.


The Development Bank of Turkey and the Islamic Development Bank signed a $40-million loan agreement on June 3th ,  2009. The CEO of the Development Bank of Turkey Mr. Abdullah Çelik said about the loan agreement signed during the 34th annual meeting of the Islamic Development Bank in Askhabat on 31 May-03 June 2009 that the fund of $40 million would be transferred fort the financing of SMEs and that the low costs of the loan would increase the benefits of the credit from the Islamic Development Bank by means of which global-crisis-affected SMEs should recover.

Mr. Abdullah Çelik pointed out that the Development Bank of Turkey plans to increase the amount of allocated loans to TL 1 billion until the end of 2009 and that the Bank is ready to support the SMEs through further planned loan agreements with the World Bank and the European Investment Bank. Investors with an investment incentive certificate have the opportunity to obtain loans at a minimum amount of $ 500.000 or at a maximum amount of $ 10.000.000 from the Islamic Development Bank, in case of machinery and equipment procurements from inland or foreign countries. Depending on the project, the maximum grace period comes to 3 years whereas the whole maturity amount is 10 years. The first repayment starts 6 months after the end of the grace period. The payment of the equal installments will be every six months. The mark-up for the loan will be determined after the approval date of the project in a six-month term on the basis of SWAP rate equivalent to US dollar plus the spread or commission rate determined by the Development Bank of Turkey. The project-based rate is fixed during the maturity period. The whole amount of the credit will be given in a term of three years after signing the loan agreement.