Turkey’s multibillion-dollar submarine deal has received financial support worth €2.187bn in the form of a major loan agreement between German banks and the Turkish Treasury.
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Turkey and the German shipyard, HDW, had been in negotiations over the terms of finance for the submarine deal, which was signed in July 2009.
An export credit agreement worth €1.878bn was signed between the Undersecretariat of the Treasury and a bank consortium, led by Bayerische Landesbank, for financing the production of six submarines in Turkey.
A further commercial loan agreement worth €309m was signed between the Undersecretariat of the Treasury and a bank consortium led by WestLB London Branch, according to Hurriyet Daily News.
A modernisation plan for Turkey’s older Ay Class submarines has been scrapped following the finalisation of the submarine contract.
Turkey is currently building its own corvette-type ships, patrol boats, coast guard boats and other amphibious platforms and plans to produce its own frigates by the end of this decade.
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