Chinese Banks are in Operation for the Transfer of Shares on the Northern Marmara Highway and the 3rd Bridge

It was stated that Chinese banks agreed to take part in the share transfer of the 3rd Bridge and Northern Marmara Highway projects in Istanbul. Chinese banks will meet the financing of the $ 1.6 billion loan required in the share transfer.

At the end of 2019, many Chinese banks agreed to take part in the refinancing of the original loan of the 3rd bridge in Istanbul and the Northern Marmara Highway project for $ 1,6 billion in the share transfer, which was concluded with a pre-agreement but was suspended due to the pandemic.

During the transfer of the Istanbul Yavuz Sultan Selim Bridge and Northern Marmara Motorway business, Chinese investors received financial support from major Chinese banks.

According to Bloomberg's report, among the remaining portion of the loan of 2013 billion dollars received for the project in 2,3, Industrial & Commercial Bank of China Ltd., Bank of China Ltd. and China Merchants Bank Co. It is planned to be paid with a financing of $ 1,6 billion from Chinese banks, including China.

According to sources speaking to Bloomberg, the new loan will expire in 2027, just before the franchise expires. The financing will be provided by the guarantee of China Export and Credit Insurance company Sinosure.

3 Percent Share Acquisition Projected On The 51rd Bridge

The agreement, which can be signed in April at the earliest, is China Merchants Group Ltd. It envisages the acquisition of 51 percent of the six institutions under its roof in the operation of Yavuz Sultan Selim Bridge and connection roads for 688,5 million dollars. IC Investment Holding will own the remaining 49 percent.

For the realization of the Competition Authority approval and transfer of shares of concessionaire companies in Turkey from outside firms should get out of the way for the President will be the majority shareholder decision. The parties are of the opinion that the agreement will not be blocked by the Turkish authorities. According to two sources, issues related to the deal came to the fore during Chinese Foreign Minister Wang Yi's visit to Ankara.