(ECO) EUROPE GRANTS 170 MLN EURO LOAN TO TURKISH TUBE TUNNEL PROJECT.ANKARA, Nov 16, 2009 (TUR tur: see ibex. ) -- The Council of Europe Council of Europe, international organization founded in 1949 to promote greater unity within Europe and to safeguard its political and cultural heritage by promoting human rights and democracy. The council is headquartered in Strasbourg, France. (COE See common operating environment. ) Development Bank provided 170 million Euro of loan to a Turkish tube tunnel project, the Turkish Treasury Undersecretariat said on Monday. The undersecretariat released a statement in which it said that Turkey and the COE Development Bank signed an agreement on November 13 for the 170 million Euro loan for the Marmaray Project. The loan will be used to partially finance towing vehicles. The loan will have a maturity of 25 years with a five-year grace period. The Marmaray Project provides an upgrading of the commuter rail system in Istanbul, connecting Halkali on the European side with Gebze on the Asian side with an uninterrupted, modern, high-capacity commuter rail system. The entire upgraded and new railway system will be approximately 76 km long. The COE Development Bank is a multilateral development bank with a social vocation. The CEB represents a major instrument of the policy of solidarity in Europe: it uses its resources for the financing of social projects in order to help its 40 member states achieve sustainable and equitable growth. (BRC-A) (THROUGH ASIA PULSE) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion