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Islamic
Development Bank to finance Turkish locomotive project
Thursday December 23, 2010 10:55:48 AM,
IINA
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Ankara: Turkey's state railway company TCDD signed on
Monday a contract with South Korean railway systems provider
Hyundai Rotem to buy 80 electric locomotives and a simulator for
$312.7 million.
TCDD Director-General Suleyman Karaman told a signing ceremony
that $220 million of the financing for the project would be
provided by the Islamic Development Bank (IDB).
First eight locomotives will be built at Hyundai-Rotem plants and
the rest of the order will be produced in Turkey in the next four
years.
The deal includes licensing and technology transfer, Karaman said,
adding that TCDD secured all rights to use technical information,
produce locomotives in Turkey as well as all IDB-member countries,
and sell them for 10 years.
Hyundai Rotem outstripped seven other companies competing in TCDD
tender for 80 electric locomotives which will replace old ones.
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