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Citizens of Istanbul Benefit from New Metro Line Extension

Infra News - Published on Thu, 10 Oct 2019

Image Source: EBRD
Citizens of Istanbul one of the most densely populated conurbations in the world will benefit from the construction of a new metro line, with 11 stations connecting districts on the Asian side of the city and financed by a loan put together by international partners. The EBRD has arranged a EUR 97.5 million syndicated loan, of which Societe Generale will provide a tranche of EUR 20 million under an A/B structure. An additional loan of EUR 77.5 million will be extended separately by the BSTDB. The total cost of the project is EUR 410 million. The Istanbul city authorities and the EBRD started discussing financial support for the project last year at the height of the financial turbulence in Turkey. The swift conclusion of negotiations will now enable the immediate implementation of this key infrastructure investment. The new 13-kilometre line will complement the three existing lines of Uskudar-Cekmekoy, Kadikoy-Tavsantepe and Marmaray with a link from the north to the south side of the city and will add a total of 350,000 passengers a day to the city’s rail transport network. Shifting traffic from private cars to public transport is essential to combating congestion and reducing carbon emissions.

However, to achieve this, a massive expansion of environmentally friendly transport, such as the metro, is critical. The construction of the new metro line will be complemented by two depot tunnels for rolling stock and a single connection tunnel. At least 250 young people will be involved in the project’s implementation and will receive training and certification under the EBRD’s Inclusion Policy Dialogue programme in Turkey.

Mr Arvid Tuerkner MD of EBRD for Turkey said that “We welcome this agreement, which combines in an exemplary way what the EBRD stands for and can offer Turkey. We started this engagement when it was difficult to attract commercial lenders, demonstrating that we are a reliable partner in challenging times. The project is remarkable as it addresses some of the key challenges facing Istanbul, such as improving urban transport and reducing environmental pollution, bringing tangible improvements to people’s lives.”

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Posted By : Sanju Moirangthem on Thu, 10 Oct 2019
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