The Asian Infrastructure Investment Bank (AIIB) has agreed to support a metro line extension project in Izmir, Turkey.
The financial institution and the Izmir Metropolitan Municipality have signed a €50m loan agreement for the project. The funding is co-financed with the European Bank for Reconstruction and Development (EBRD).
The Black Sea Trade and Development Bank and Société Générale also agreed to support the €300m project.
The project encompasses the construction of a 7.2km extension to connect the western areas between Fahrettin Altay and Narlidere Kaymakamlik with the city centre. The extension will include seven stations.
Overall, the scope of works will include the construction of stations and tunnels, as well as the installation of signalling, telecommunications, energy supply, environmental control systems, elevators and escalators and delivery of auxiliary facilities.
This is the fourth expansion of Izmir’s single-line metro system.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Once complete, the project will help in meeting the growing demand for public transport in Izmir, the third-largest city in Turkey in terms of population and GDP.
The expansion is also aligned with the city’s Transport Master Plan 2030 that seeks to address growing mass transport requirements and building an eco-friendly transportation alternative to road traffic.
AIIB Investment Operations vice-president Konstantin Limitovskiy said: “The project enhances urban mobility and strengthens connectivity in Izmir, Turkey by improving passenger access, reducing costs and travel time.
“With an increased availability of sustainable transport options, the project is fully aligned with AIIB’s Sustainable Cities Strategy.”