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September 14, 2018

EBRD to award €80m loan for new Izmir metro line in Turkey

European Bank for Reconstruction and Development (EBRD) is set to award an €80m loan to support construction of a new metro line in the city of Izmir, Turkey.

European Bank for Reconstruction and Development (EBRD) is to award an €80m loan to support construction of a new metro line in the city of Izmir, Turkey.

The financing will support the construction of the 7.2km long Fahrettin Altay-Narlidere line along the east-west corridor of the city.

Expanding the 19km Evka 3-Fahrettin Altay metro, the new Izmir metro line will offer connectivity with major suburban rail, tram and bus networks and will facilitate travelling between a university campus, a hospital and retail areas.

EBRD managing director for Turkey Arvid Tuerkner said: “Supporting projects that improve people’s lives is at the heart of the EBRD’s mandate.

“As a result of our new financing for the municipality of Izmir, residents of this bustling city will have easier access to fast, modern and clean transport.”

"As a result of our new financing for the municipality of Izmir, residents of this bustling city will have easier access to fast, modern and clean transport."

Alongside offering a low-carbon transportation option, the new Izmir metro line is expected to reduce traffic congestion in the city.

The expansion of the metro project also forms a part of Izmir’s 250km rail network.

Earlier, EBRD awarded a €23.5m loan to Izmir for the acquisition of 85 vehicles for its metro system.

The new financing is part of EBRD’s Green Cities programme, which supports development of building environmental-friendly infrastructure in cities and municipalities.

It will also help Izmir devise a ‘Green City Action’ plan to cut public transport emission by around 15%.

Last month, EBRD awarded a €205m loan for the refurbishment of Cairo Metro Line 1 in Egypt. The line serves nearly 500 million passengers every year.

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