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EBRD offers $94.4m credit for Istanbul metro construction

Staff Writer |
The European Bank for Reconstruction and Development (EBRD) has agreed to loan 83.3 million euros ($94.4 million) of credit for work on Istanbul's metro system.

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The EBRD funds will go to the Istanbul Metropolitan Municipality for the expansion of the city's underground metro lines.

Istanbul's metro network currently covers 145 kilometers, while the municipality plans to bring that up to 450 kilometers by 2019 and 650 kilometers by 2030.

In a statement on the purpose of the funds, the EBRD referred to the Ataköy-İkitelli metro line that is planned for completion in 2019.

The Ataköy-İkitelli metro line will be 13 kilometers long, will have 12 stations and connect the southernmost and northernmost points of Istanbul's European side.

This metro line will be completed at a total cost of 338.3 million euros, which the EBRD will support with parallel funds of 250 million euros.

Meanwhile there will be 83 million euros of additional credit for the project.

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