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BSTDB Joins Forces with EBRD to Finance Istanbul Metro Extension

Press Release | 26-Sep-2019

The Black Sea Trade and Development Bank (BSTDB) has provided EUR 77.5 million for the construction of a new Istanbul metro line with 11 stations connecting districts on the Asian side of the city. The financial package put  together by international partners includes an additional EUR 97.5 million loan syndicated by EBRD, of which Société Générale will provide EUR 20 million under an A/B structure. The total project cost is €410 million.

Istanbul is one of the most densely populated megalopolises in the world, where shifting traffic from private cars to public transport is essential to combat congestion and reduce carbon emissions.  The development of environmentally friendly transport, such as the metro is critical for the city.  The new 13 km line will complement the three existing lines of Uskudar-Cekmekoy, Kadıkoy-Tavsantepe and Marmaray with a link from north to south and will add 350,000 total passengers a day to the city’s rail transport network.

Hasan Demirhan, BSTDB Vice President Banking, said ” We are happy to contribute to the improvement of the transport infrastructure and living standards of the people in Istanbul, the largest city in our Black Sea region. Municipal infrastructure development is BSTDB’s new strategic priority in our region. We hope to increase our engagement in this sector in close cooperation with EBRD, our long-standing partner in Türkiye and in the region”. 


The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.

Press contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org 
 


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