Credit of 75 Million Euros for Üçkuyular Narlıdere Metro in İzmir

million euros loan for the subway Narlidere metro in Izmir
million euros loan for the subway Narlidere metro in Izmir

Izmir Metropolitan Municipality continues its infrastructure projects despite the global epidemic. Metropolitan Municipality signed a 75m-euro loan agreement with different institutions for the Üçkuyular-Narlıdere metro.

Today, when the global epidemic and supply, demand and financial shock are experienced simultaneously, İzmir Metropolitan Municipality has achieved another success. Metropolitan Municipality has signed a 7,2m-euro loan agreement with the Black Sea Trade and Development Bank (BSTDB) for the 50 km metro project that will connect Üçkuyular and Narlıdere. The Metropolitan Municipality, which signed an agreement with the French Société Générale Bank for the European Bank for Reconstruction and Development (EBRD) for 25 million Euro B loan, has signed a total of 75 million Euros.

Indicator of International Financial Institutions' Trust in İzmir

Izmir Metropolitan Mayor Tunç Soyer said that these agreements are an indication of the approval of international financial institutions for the reputation and reliability of Izmir Metropolitan Municipality. Izmir Metropolitan Mayor Tunç Soyer said, “I am very excited about the addition of two new institutions to the international financial development institutions that have provided Treasury-guaranteed external financing to the major and important projects of our Izmir. We would like to thank the Black Sea Trade and Development Bank, the European Bank for Reconstruction and Development and the Societe Generale Bank for their contribution to providing these opportunities to the people of Izmir and sustaining the services despite the global epidemic. I hope that their contracts will be the official beginning of a long-term and successful partnership, and I hope that our cooperation will continue in our future big projects. ” said.

Financial Diversity is Essential for the Projects of the Metropolitan Municipality

President Soyer attention could make the promotion of mutual confidence and international cooperation "since the middle of 2018, Turkey is experiencing a very difficult economic times. In terms of economy, factors such as the decrease of investment appetite of international investors to our country, exchange rate fluctuations and increase in interest rates worked against us as Municipality. While I deepen our financial relations with the existing international development organizations even in such a strong storm, I think it is very important and valuable that we provide financial diversity by collaborating with new financial institutions for our Municipality, such as the Black Sea Development and Trade Bank, Société Générale ”.

Support for Comfortable Transportation

Dmitry Pankin, Chairman of the Black Sea Trade and Development Bank, said the project is in line with the strategic focus of the municipality's BSTDB on infrastructure development by financing efficient, environmentally friendly urban transport systems that reduce carbon emissions. "Shorter travel times and comfortable transportation will directly affect economic efficiency and improve living standards in this vibrant city," said Pankin.

EBRD Director for Turkey, Arvid tuerkei Izmir Metropolitan Municipality expressed that one of the long-term partners continued in Turkey: "Izmir, transport network, the green, we're in a sustainable way in the expansion and welcomes the increasing urban transport quality. The EBRD is pleased to play a role in financing this initiative and attract other creditor institutions. ”

Société Générale Export Finance Director Laurent Eurin said, “Société Générale is proud to join forces with the EBRD and contribute to the financing of this metro line extension, which is especially important for the population of the city of Izmir. We prove our ability to stand by our customers even in the current difficult coronavirus process and help them make a positive impact on sustainability and positive impact agendas. ”

Metropolitan has the highest credit rating that can be taken

Izmir Metropolitan Municipality works with credit rating agencies Fitch Ratings and Moody's. Izmir Metropolitan Municipality has a credit rating of “Aaa” level, which is the highest score that can be obtained at the national level.

Current Status in Studies

The efforts of the Izmir Metropolitan Municipality Rail System Department to extend the Bornova Evka 3 - Fahrettin Altay Metro Line to Narlıdere continue even though it slows down due to the coronavirus epidemic. The tunneling works that are nearing the end are expected to be completed in the first half of 2021 with the transition to normal working order in June.

F.Altay - Narlıdere line, the new link of the rail system chain, whose total length reaches 179 kilometers, will be 7.2 km long. There will be Balçova, Çağdaş, Dokuz Eylül University Hospital, Faculty of Fine Arts (GSF), Narlıdere, Martyrdom and District Governorate, which will be put into service in 2022 and all will go underground.

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