İzmir Metropolitan Municipality added a new financial cooperation it has provided from USA and Europe. Financial resource of €50 million, without treasury guarantee has been secured from Asian Infrastructure Investment Bank (AAIB) based in China for the ongoing Narlıdere Metro Line Project.

The first for AIIB to provide finance to a municipality also confirmed the reliability and reputation of İzmir Metropolitan Municipality in the East after the West.

İzmir Metropolitan Municipality Mayor Tunç Soyer signed a credit agreement with Asian Infrastructure Investment Bank (AIIB) General Manager Najeeb Haiden, in the online meeting today. Mayor Soyer said “I must proudly say that this agreement signed by the municipality is significant not only for being long term and without Treasury guarantee but also for being the first financing credit granted by Asian Infrastructure Investment Bank to a municipality.” Expressing that the agreement is signed in an era where the global economy is receding and during the pandemic where securing credits is difficult, Mayor Soyer added, “This agreement has once more proven the reputation and reliability of İzmir Metropolitan Municipality. It’s also our first time working with an international development institution from Asia. AIIB is not only a bank but a business partner for us. We want to further what we begun. Turkey is the bridge between the East and the West. İzmir is the cornerstone of this bridge. We are proud to strengthen our role with this cooperation.”

Stating that their aim is to further İzmir-Asia bilateral trade to a sustainable structure, Mayor Soyer said, “I believe this agreement will lead Chinese companies to invest in İzmir. We are starting to work today for new, successful, long-term collaborations.”
AIIB vice-president Konstantin Limitovsky said “this project has strategic importance for AIIB. This is the first credit aggrement signed with a municipality in history of AIIB. It is also the first Euro based project. With this credit, AIIB sets a visible example. I believe this agreement will broaden the horizon for new collaborations in Turkey. We also want to provide support for Buca Metro.”

To extend current metro line from Fahrettin Altay to Narlıdere, İzmir Metropolitan Municipality secured €80 million, €50 million, €25 million and finally €50 million from European European Bank to Reconstruction and Development (EBTD), Black Sea Trade and Development Bank (BSTDB), Société Générale in EBRD B type syndication credit and Asian Infrastructure Investment Bank, respectively, €205 million in total.