Member of the World Bank Group, IFC provided a financing package of Turkey's largest city of Antalya for the extension of a new tram line. Thanks to the new tram line, Varsak, located in the northern part of the city, will have direct access to the city center.
In this context, IFC provided a financing package of 12 million Euros for the 140 year term to Antalya Metropolitan Municipality. 80 million Euro of the long-term financing package was provided by the IFC and the 60 million Euro was provided by the Managed Co-Lending Portfolio Program (MCPP), the co-investor program under IFC. IFC has also advised Antalya Municipality on funding financing, especially tramway safety and efficiency, in addition to financial support for the European and Central Asian Sustainable Cities program.
The financing package will support the expansion of Antalya's already existing 30 km rail transport system. The new tram line will consist of 18 km and 29 stops, reaching the museum from Varsak in the northern part of the city, which will provide a significant increase in public transport in the city. With the IFC financing, 20 will also be providing new tram vehicles.
Menderes Türel, Mayor of Antalya Metropolitan Municipality: in The support of IFC, which is a member of the World Bank Group, for the realization of this very important project for Antalya shows the trust in our city. We have developed a model suitable for project financing with IFC and will expand rail transport network so that after the way our city Istanbul in Turkey will be the longest line. Antalya continues its development with a sustainable and planned urbanism approach. Antalya
Source : I www.fortuneturkey.co