Three international lenders back Istanbul metro extension
Three global lenders are providing loans to finance the construction of a new metro line in Istanbul. The European Bank for Reconstruction and Development (EBRD) has arranged a 97.5 million euro ($106.6 million) syndicated loan, of which French bank Societe Generale will provide a tranche of 20 million euros ($22 million), the EBRD said in a statement on September 26. An additional loan of 77.5 million euros ($84.7 million) will be extended separately by the Black Sea Trade and Development Bank (BSTDB), which is based in Greece and serves the 11 founding members of the Black Sea Economic Cooperation (BSEC), including Turkey. The new 13-kilometer line project will cost 410 million euros ($448 million) and is expected to add a total of 350,000 passengers a day to the city’s rail transport network. The construction of the new metro line will be complemented by two depot tunnels for rolling stock and a single connection tunnel.