İzmir Metropolitan Municipality signed a €50 million credit agreement with Black Sea Trade and Development Bank for the 7.2 km metro project that will connect Üçkuyular and Narlıdere. Also reaching agreement with French Société Générale Bank for €25 million B Credit under European Bank for Reconstruction and Development A/B syndication structure, Metropolitan Municipality has in total signed credit agreements worth €75 million.

Remarking that international cooperation is  possible with mutual trust, Mayor Soyer said, “Turkey is undergoing economic difficulties since the middle of 2018. Factors such as decreased appetite of international investors in investing in our country, fluctuating exchange rates and increased interest rates are against our Municipality. I think it is important and valuable that we can cooperate with international financial institutions such as Black Sea Development and Trade Bank and Société Généralé that are new for our Municipality and deepen our financial relations with current international development organizations even in such a storm.”

Black Sea Trade and Development Bank Chairman Dmitry Pankin said the project complies with strategic focus of BSTDB in developing infrastructure of municipality by financing environment-friendly urban transportation systems that reduce carbon emissions. Pankin said, “lesser commute times and comfortable transportation will directly impact economic productivity in this city and improve standard of living.“

Arvid Tuerkner, Director of EBRD Turkey expressed that İzmir Metropolitan Municipality is one of their long term partners in Turkey and added, “We are pleased that İzmir expands its transportation network in a green and sustainable manner and increase the quality of urban transportation. EBRD is pleased to play a role in financing this initiative and attracting other creditor institutions to the subject.”
Société Générale, Export Finance Director Laurent Eurin said, “Société Générale is proud to join forces with EBRD and to contribute to the financing of the extension of this metro line that is important especially for the population of İzmir. We prove our ability to be with our clients even under difficult coronavirus process and we help them create a positive impact on sustainability and positive impact agendas.

Metropolitan Municipality has the highest credit rating possible
İzmir Metropolitan Municipality works with rating institutions Fitch Ratings and Moody’s. İzmir Metropolitan Municipality has “Aaa” rating which is the highest available rating nationwide.

Current status of the works
İzmir Metropolitan Municipality, Rail System Office continues to work on Bornova Evka 3 – Fahrettin Altay Metro Line extension to Narlıdere, despite being slowed due to Koronavirus pandemic.

Tunnel boring works nearing completion are estimated to be completed in the first half of 2021 with transition to normal working procedures in June.