The European Bank for Reconstruction and Development is planning to provide a loan to the city of Bursa in Turkey to finance the Bursa Light Rail (LRT) project.
The €50m ($63.46m) loan will be used to extend the existing LRT system under the second phase of the project.
The project, worth €247m ($316.4m), will involve construction and mechanical works and the procurement of rolling stock.
The rail project aims to meet the need for enhanced environmental infrastructure and energy efficiency through monetisation of carbon reductions, according to balkans.com.
The multi-source financing package for the project includes a €100m ($128m) loan by the European Investment Bank while Agence Francaise de Developpement is considering a €30m ($38m) loan, with the remaining cost to be covered by the Bursa Metropolitan Municipality.