Three in­ter­na­tional lenders back Is­tan­bul metro ex­ten­sion

Dünya Executive - - OVERVIEW -

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.

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