European Bank for Reconstruction and Development announced that it is providing EUR 88.3 million loan to the Istanbul Metropolitan Municipality to finance the expansion of the city’s metro line.
The total project cost is EUR 338.3 million to which the European Investment Bank is contributing parallel financing of EUR 250 million, both banks covering the financing for the civil works and electro-mechanical installations.
Istanbul is building the Atakoy Ikitelli Metro Line (Line 9) in the European part of Istanbul. The line will be 13.4 km long with 12 stations and connect western Istanbul from north to south, linking 6 main lines of the city’s public transport system. The new line is expected to go into service in 2019.
“We are moving towards our 2023 targets and this project, funded jointly by the EBRD and the EIB, will help us meet the increasing demand in public transport as the population continues to grow. We believe that the project will contribute to the expansion and integration of the public transportation systems,” Eyyup Karahan, Deputy Secretary General at the Istanbul Metropolitan Municipality, said.
To meet the constantly growing demand for public transport, the Istanbul Metropolitan Municipality aims to expand the existing 145 km metro network to 450 km by 2019 and to 650 km by 2030.
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