AIIB to provide €50m to Turkish municipality to extend metro line

WCN Editorial Team 3 Sep 2020 EUROPE TRANSPORT INFRASTRUCTURE

The Asian Infrastructure Investment Bank (AIIB) has agreed to provide €50m to the Izmir Metropolitan Municipality for the Izmir Metro Expansion Phase 4 in Turkey.

The Phase 4 extension of the metro line includes the construction of a new 7.2km railway line with seven stations. It will connect the western districts with the city centre to meet the increasing demand for high-capacity public transport.

The Izmir Metro extension is in line with the city’s Transport Master Plan of 2030 to address mass transport needs and offer a cleaner and an efficient alternative to road traffic.

Expected to be operational in 2022, the line will extend the existing 19km metro line to include Evka 3-Fahrettin Altay line and will link up with the bus, suburban rail and tram networks.

AIIB investment operations vice president Konstantin Limitovskiy said: “The project enhances urban mobility and strengthens the connectivity in Izmir, Turkey by improving passenger access, reducing costs and travel time.

“With the increased availability of sustainable transport options, the project is fully aligned with AIIB’s Sustainable Cities Strategy.”

The €50m loan was co-financed with European Bank for Reconstruction and Development (EBRD) and the project has also received from the Black Sea Trade and Development Bank and Société Générale.

The project includes underground and civil engineering works including stations and tunnels, electromechanical works (signalling, telecommunications, energy supply, elevators and escalators, environmental control systems) and auxiliary facilities. Total project costs are estimated at €300m.

The metro line will be operated by Izmir Metro, a municipal entity, under an indefinite lease agreement with the Izmir Metropolitan Municipality (IMM).

-------------------------------------------------------------------------------------------------------------------------------------------------------

AIIB supports Turkish metro line with €50m loan. (Credit: Pixabay/Free-Photos)

With 11 websites and newsletters covering all the key areas within the construction industry, World Construction Industry Network is the leading global construction information resource. READ ABOUT US
PRIVACY POLICY

STAY IN TOUCH!

LATEST TWEETS

World Construction Network | www.worldconstructionnetwork.com is a product of GlobalData. Copyright © 2020 GlobalData. All rights reserved.