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​80 million Euros signed for Üçyol - Buca Metro

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With the finance authorization agreement signed between İzmir Metropolitan Municipality and European Bank for Reconstruction and Development (EBRD) today, tender works amounting to 80 million Euros will begin immediately being subject to EBRD international purchasing policies and rules for 13.3 km metro project that will connect Üçyol and Buca. Tender and ground-breaking for the project is estimated to take place in 2020.

Speaking in the signature ceremony in İzmir Metropolitan Municipality, Çetin Emeç Meeting Hall, İzmir Metropolitan Municipality Mayor Tunç Soyer said, “We are putting the first signature for the largest investment in history of İzmir. Our Üçyol-Buca metro project will completely solve another traffic problem in an area of İzmir with high population density and relieve everyone.”

Expressing that international cooperation can be achieved by mutual trust, Tunç Soyer added, “İzmir Metropolitan Municipality has achieved to secure a credit, without collateral, and without Treasury Guarantee, in current financial environment. We have proven one more time that our Municipality has high credibility by securing financial support for such major and important projects.”

The credit taken by İzmir Metropolitan Municipality for 80 million Euros extends to 12 years without principal payment in the first 4 years. Negotiations with international development banks and financial institutions continue for financing the rest of the project.  Ministry of Treasury and Finance had approval for securing foreign finance for TRY 6 billion 165 million 852 thousand without Treasury Guarantee for the financing requirements of the project.
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