In their advent to extend the metro rail services in Istanbul, Turkey, The European Bank for Reconstruction and Development (EBRD) and Black Sea Trade and Development Bank (BSTDB) have proposed a loan of €97.5 (£86m) and €77.5m (£68m) respectively. This goes on to show the scale of development that is possible for the city’s metro construction. The purview of the loan will include the construction of a new metro line with 11 stations connecting district on the Asian side of Istanbul. The total cost of the entire project is estimated to be at €410m (£363m).
A tranche of $20m (£17.7m) out of €97.5 (£86m) offered by The European Bank for Reconstruction and Development (EBRD) will be released by Société Générale. The extension of the line will be 13km long and will be in sync with three exiting lines of Uskudar-Cekmekoy, Kadıkoy-Tavsantepe, and Marmaray with a link from the north to south of the city. The scale of the project can be gauged from the fact that once completed, the line will add 350,000 passengers a day to the city’s rail transport network. The metro station essentially will minimize traffic congestion and hence help in reducing carbon emissions.
According to EBRD Turkey Managing Director, Arvid Tuerkner, this agreement is in line with EBRD’s vision and what it can offer Turkey. The agreement started when it was a tedious task to attract lenders. This goes on to demonstrate that they are a reliable partner during tough times. He further added that the project is exemplary as it takes into account the key challenges that the city of Istanbul faces today. Improving urban transport, reducing pollution and bringing improvement to lives are some of the many benefits that it will bring along.
The construction of the new line will be complemented by two depot tunnels which will help in rolling stock and a single connection tunnel. As per Nandita Parshad, EBRD Infrastructure Managing Director, Turkey has to have infrastructure development which complements its economic and environmental needs. EBRD being a long-standing partner will help in deploying its expertise and experience in the project and is also ready for further engagements within this sector. Besides this project, EBRD along with Asian Infrastructure Investment Bank and BSTB have already come together to fund $350m 100MW capacity to EFELER, Turkey’s largest geothermal power plant which is located in the region of Büyük Menderes Graben basin, an area which has a high potential for geothermal energy.