A US$ 73M loan has been awarded in support of the implementation of a section of the Istanbul Metro construction project. The loan was awarded to Istanbul Metropolitan Municipality by the European Bank for Reconstruction and Development (EBRD). The latter is a development bank that provides project financing for banks, industries, and businesses.
The US$ 73M loans will particularly go towards the construction work for the Goztepe-Atasehir-Umraniye metro line. The project is said to be a ‘trigger; initiative under the Bank’s Programme that supports city investments in sustainable as well as green solutions. More so, solutions that significantly contribute towards decarbonization. Additionally, the project aims to reduce traffic congestion alongside journey times.
In 2021, Istanbul joined the EBRD Green Cities Programme. Therefore the project’s progress marks a significant milestone for the city. The cities of Gaziantep, Izmir, as well as Ankara, are also active members of the flagship municipal Programme.
Comments on the Istanbul Metro construction project loan
The Sustainable Infrastructure Group Managing Director at the EBRD spoke during the signing ceremony. Nandita Parshad said that she was happy to sign the very first EBRD Green cities project in Istanbul. Impressively, the Istanbul Metro Construction Project promotes gender and inclusion. Through its learning program that includes a total number of 400 young people at the Istanbul Metro Company.
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The Mayor of Istanbul also spoke about the project during the signing ceremony. Ekrem Imamoglu noted that Rail networks play a significant role in the visionary plans for Istanbul. As a result, the Mayor continued, metro lines that are environmentally friendly, fast, and comfortable will receive significant investments.
Metro line to Istanbul Airport to open in November
The loan for the Istanbul Metro construction project comes just days after the Turkish Minister of Transport and Infrastructure revealed that the Kağıthane district to Istanbul Airport metro will open soon. To be precise, Adil Karaismailoğlu said, that 32.5 kilometers of the 37.5 kilometers metro line will open in November this year.
Furthermore, the minister highlighted that the opening of that metro line will be connecting Istanbul Airport with Sabiha Gökçen Airport. The two airports are located on the metropolis’ opposite sides, one on the European side, and the other on the Anatolian.
