Release date: 14 September 2015
Promoter – Financial Intermediary
ISTANBUL BUYUKSEHIR BELEDIYESILocation
Description
Construction of a new 23 km underground metro line in Istanbul, on the European side of the city between Mahmutbey and Kabatas.
Objectives
The project is expected to generate savings in user time, vehicle operating costs, road accident costs, local air/noise emissions as well as a reduction in greenhouse gas emissions as a result of the expected modal shift of passengers from road to rail.
Comments
Sector(s)
- Transport - Transportation and storage
Under ELM Guarantee
This operation is covered by the EU Guarantee for EIB loans outside the EU.
Proposed EIB finance (Approximate amount)
EUR 295 million
Total cost (Approximate amount)
EUR 1400 million
Environmental aspects
If situated within the EU, the project would fall under Annex II of Environmental Impact Assessment (EIA) Directive 2011/92/EU and therefore be subject to a screening decision of the competent authority. In this case, the project was screened out based on an environmental assessment prepared in 2007. These documents will be reviewed and assessed during the appraisal to ensure compliance with the EIB's environmental and social standards.
Procurement
The Bank will require the promoter to ensure that for works to be financed by the proposed EIB loan, procurement procedures are carried out in accordance with the Bank's Guide to Procurement.
Status
Signed - 18/12/2015
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).