Beijing, China, September 02, 2020
AIIB and the Izmir Metropolitan Municipality Sign Loan Agreement to Improve Transport Connectivity and Urban Mobility
The Asian Infrastructure Investment Bank (AIIB) and the Izmir Metropolitan Municipality have signed a loan agreement of EUR50 million (approximately USD60 million equivalent) to İzmir Büyükşehir Belediyesi (Izmir Metropolitan Municipality) to extend and increase the capacity, connectivity and efficiency of a metro line in the city of Izmir, Turkey.
The Izmir Metro Expansion Phase 4: Fahrettin Altay–Narlıdere Kaymakamlık Line Project involves the construction of a new 7.2-kilometer extension with seven stations. It will connect the western districts with the city center to meet increasing demand for high-capacity public transport.
Izmir is the third largest city in Turkey in terms of both population and GDP. Both population and economic growth have increased average mobility rates in the city, creating greater demand for municipal services, including integrated and high-capacity transport. The Izmir Metro extension is in line with the city’s Transport Master Plan 2030 to address mass transport needs and provide a cleaner and more efficient alternative to road traffic.
“The project enhances urban mobility and strengthens connectivity in Izmir, Turkey by improving passenger access, reducing costs and travel time,” said AIIB Vice President, Investment Operations, Konstantin Limitovskiy. “With increased availability of sustainable transport options, the project is fully aligned with AIIB’s Sustainable Cities Strategy.”
The loan is co-financed with the European Bank for Reconstruction and Development. The project has also received support from the Black Sea Trade and Development Bank and Société Générale. The project includes underground and civil engineering works (stations, tunnels), electromechanical works (signaling, telecommunications, energy supply, elevators and escalators, environmental control systems) and auxiliary facilities. Total project costs are estimated at EUR300 million.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, we began operations in January 2016 and have now grown to 103 approved members worldwide. By investing in sustainable infrastructure and other productive sectors in Asia and beyond, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.
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