Istanbul, Turkey, 27 November 2019 - In a high profile ceremony in Istanbul, the Islamic Development Bank (IsDB) Group marked the major recent development achievements in cooperation with its stakeholders in Turkey.

The key note speaker at the event was His Excellency Dr. Bandar Hajjar, the President of the IsDB Group who, in his address, described Turkey as “an important and leading IsDB Group Member Country with a sound record of economic growth and development especially in the last decade” adding that “IsDB Group fully supports Turkey’s aspiration to become a high-income country by 2023.”

Commenting on the IsDB’s new business model centered on Global Value Chains (GVCs) Science, Technology and Innovation (STI) and Islamic Finance, His Excellency Dr. Bandar Hajjar stated that the Bank’s Regional Hub in Turkey has proved to be a successful model of decentralization in terms of business development and delivery, being a one stop shop for the IsDB Group, offering customized solutions to public and private sector clients and expanding the Bank Group’s partnerships and enhancing its visibility. We are proactively supporting the Government of Turkey’s development plans through development of critical economic infrastructure such as transport, backing Turkey’s integration in to GVCs and leveraging the expertise of Turkish Humanitarian agencies to help IsDB’s other Member Countries.

Other key note speakers at the ceremony were His Excellency Mr. Cahit Turhan, the Minister of Transport and Infrastructure, Her Excellency Ms. Ruhsar Pekcan the Minister of Trade of Turkey as well as Ms. Fatma Sahin, the mayor of Gaziantep who in their key note speeches underlined the key contributions of the IsDB Group has made to Turkish Government’s drive for socio-economic development and welfare of the people.

The ceremony also saw the signing of the terms and conditions letter of a EUR 150 Syndicated Murabaha Operation between the international trade financing arm of the IsDB Group, ITFC, and Iller Bank (ILBank) on best effort basis.

Financing agreements were also exchanged with ILBank for Gaziray Suburban Line and Light Rail Transit Project (EUR 63 Million) Kayseri Light Rail Transit Project (EUR 30 Million).

The ceremony also saw the symbolic presentation of a model high speed train by H.E. Minister Cahit Turhan to H.E. Dr. Bandar Hajjar which marked the arrival of the first of the ten High Speed Train Sets from Germany to Turkey funded by the IsDB. What adds to the significance of this issue is that the first of the ten manufactured High-Speed Trains arrived one full year ahead of schedule only two years after the relevant EUR 312 million financing agreement between IsDB and TCDD was signed during 33rd COMCEC Ministerial Meeting in Istanbul in November 2017.

Several other independent cooperation documents were also signed during the ceremony between IsDB Group and KIZILAY (Turkey’s red Crescent), IsDB Group’s credit and investment insurance arm (ICIEC) and Turk Eximbank.

Since its inception in the late 1970s, the IsDB Group has been in active development cooperation with the Republic of Turkey providing nearly USD 12 billion of investment in the country’s various sectors, such as transport, renewable energy, building and reinforcing seismic resistant structures, health, education, etc.