3 Million Borrowing Authority to İmamoğlu for 655 New Metro Projects of İBB

million debt authority for ibb's new metro project
million debt authority for ibb's new metro project

Istanbul Metropolitan Municipality (IMM) Assembly unanimously authorized IMM President Ekrem İmamoğlu to provide a total of 3 million Euros of external debt for 655 projects.

The last meeting of the September sessions of the IMM Assembly was held in Yenikapı by Dr. The meeting was held at the Architect Kadir Topbaş Performance and Art Center under the chairmanship of Ömer Faruk Kalaycı, the 2nd Deputy Mayor of the City Council.

Foreign borrowing proposals presented by the IMM Financial Services Department for the construction of 3 metros came to the fore.

Firstly, approval was requested from the Parliament for the construction of Ümraniye-Ataşehir-Göztepe Metro to be able to borrow 225 million Euros and insurance premium.

Secondly, authorization was requested for foreign borrowing in the amount of 220 million Euros plus VAT and insurance premium for the Mahmutbey-Bahçeşehir Metro project, which has been financed by 305 million Euros with Eurobond bond issuance so far.

The last borrowing was requested for the Çekmeköy-Sancektepe-Sultanbeyli metro project. The amount requested for borrowing authorization for this project was 125 million Euros plus VAT and insurance premium.

In the commissions in which the AKP is in the majority, all 3 proposals were conditionally approved. In the commission reports, it was noted that the current debt amount of IMM was 41 billion 731 million 860 thousand TL, and the debt limit including interest was calculated as 32 billion 354 million 281 thousand TL.

It was stated that due to the current debt amount of 41 billion, which exceeds the debt limit of 32 billion, it is possible to borrow directly from multilateral investment and development banks and foreign state institutions or through İller Bankası AŞ, according to legal regulations.

Authorization of the IMM President was found appropriate in all 3 files. All 3 resolutions were unanimously accepted in the IMM Assembly.

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