Yesterday (11th April), the Government had a regular meeting during which several issues were discussed, one of which was the USD 1 billion export loan from the Indian Government. The ministers agreed to the rationale of the loan and decided to hand it over for study to a standing committee. Assuming, the study goes smoothly, the Prime Minister will agree to the signing of the loan.
The working team, which was set up by the Prime Minister, has reached consensus with the Indian working team on the general contents and conditions of the Indian Export Import Bank loan.
The general condition of the loan is that the annual rate will be 1.75% over a 20 year period, with a full five year initial exemption from payment. In addition, the term of the infrastructure loan, which is more than USD 200 million and the strategic loan which is excess of USD 100 million will be 25 years with no payment for the first seven years.