The Asian Infrastructure Investment Bank (AIIB) has signed a EUR 150 million (approximately USD 167 million) loan agreement to co-finance the North Marmara Nakkaş-Başakşehir Highway BOT project.
The project, aimed at improving Istanbul’s east-west connectivity, increasing road safety and reducing congestion, is being implemented on a build-operate-transfer basis by a consortium led by Rönesans Holding A.Ş. in partnership with Samsung C&T Corporation and other Korean investors. It is a 31.3 km toll road, which includes a 1.6 km cable-stayed bridge and multiple overpasses and underpasses.
“AIIB’s participation in this project not only improves Turkey’s transportation infrastructure, but also supports the mission of promoting green finance and sustainable development,” said Konstantin Limitovskiy, AIIB Vice President for Investment Clients in Region 2. and Financing of Projects and Companies on a global scale.
“By reducing emissions, improving road safety and fostering cross-border connectivity, the Northern Marmara Expressway exemplifies the type of “infrastructure for tomorrow” that will have long-term positive impacts for the region and beyond.”
“We are proud to set a new standard for transportation in Türkiye with the Nakkaş-Başakşehir project,” said Erman Ilıcak, President of Rönesans Holding.
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“We would like to thank our consortium partners, under the leadership of Samsung C&T Corporation, for their trust in us throughout this project and their investment in Türkiye. The highway will not only dramatically reduce travel times for individuals and businesses in Istanbul, but will also take the country’s sustainable development to the next level. “This is a highway of the future, built with people, society and the environment in mind, elements we hope to see replicated in infrastructure projects around the world.”
“This project is expected to enhance economic cooperation between the two countries,” said Se Chul Oh, President and CEO of Samsung C&T. “Furthermore, it is of great importance as K-Team produces significant results with the technique of a Korean builder and the political support of public organizations such as Korean Expressway Corporation, KIND and PIS Fund. “We will maintain this momentum to create new cooperation opportunities in Türkiye, the CIS and Eastern European markets beyond the successful partnership with Rönesans.”
The AIIB’s €150 million contribution is part of a broader senior debt financing package worth €1.04 billion.
The project is co-financed by the AIIB, the European Bank for Reconstruction and Development (EBRD) and the Islamic Development Bank Group as lead lenders, along with an international consortium of commercial banks and export credit agencies.
AIIB’s participation in this project not only improves Türkiye’s transportation infrastructure but also supports the mission of promoting green finance and sustainable development.
Key components of the project include advanced tolling systems and sustainable construction techniques. The highway is expected to benefit travelers, businesses and logistics operators by reducing travel times and transportation costs, as well as improving access to the New Airport. Istanbul. The AIIB has been involved in the project since 2020 in collaboration with the EBRD, ensuring compliance with environmental and social standards (including the Environmental and Social Impact Assessment and the Resettlement Action Plan).
This is AIIB’s second road infrastructure project in Türkiye and marks a significant milestone in AIIB’s commitment to the country’s transportation sector. Earlier this year, the Bank approved a US$200 million loan under its Emergency Road Rehabilitation and Reconstruction Project to support the country’s recovery after the February 2023 earthquakes.
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