IMM Borrowed with Euro for Tram Line

IMM Borrowed Euro for the Tram Line: Istanbul Metropolitan Municipality (IMM) converted 41 million 753 thousand 334 dollars, 455 thousand 824 Euro and 393 to Turkish Lira in December within the scope of the X currency exchange campaign İ.

When it came to February, the "Eminönü - Alibeyköy Tram Line Construction, Electromechanics and Vehicle Purchase" work required approximately 100 million Euros. The Finance Directorate of the IMM Financial Services Department asked the Istanbul Metropolitan Municipality Mayor Kadir Topbaş to be authorized to make a domestic borrowing of 100 million Euros in order to continue the tram project without interruption. The proposal was accepted with the votes of AKP members in the IMM Assembly session. CHP group voted "no" to the proposal.

CHP Council member Tarık Balyalı said that IMM lost 18 million lira in a month due to the exchange rate because of the exchange of foreign currency assets in the bank. Balyalı said, “IMM has foreign currency debt and needs foreign currency since many auctions are held on a foreign currency basis. “As a result of the wrong decision of Kadir Topbaş and the management staff, millions of liras out of the pockets of the people of Istanbul will go to interest”.

The 10-kilometer tram tender that will be built on the south shore of the Golden Horn and stretch from Eminönü to Alibeyköy was held on June 29, 2016. Bids for the tender were submitted in Euro. Doğuş Construction won the tender with a bid of 152 million 998 thousand 680 Euros. The tram, which will run along the Golden Horn coast, will cross Eyüp with a 350-meter bridge.

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