Since 2011 konuşulsa during the first project of the Canal Istanbul is located in Turkey's agenda in recent days, bringing the environment and development as well as the size in terms of financing and insuring many questions and concerns together.
On the other hand, the experts whom Euronews has consulted on this issue draw attention to some specific risks regarding the financing and insurance of the project.
Cost can be doubled
Economist Ümit Kumcuoğlu, General Manager of Kare Portföy, speaking to Euronews in Turkish, said that the projected cost for Kanal İstanbul is a very optimistic figure as in previous large infrastructure projects and that the cost may double in the final stage.
"Optimistic cost estimates are not exceeded even require a loan of 10 billion euros a cost level unprecedented in the history of Turkey. I think that international banks will not want to take this risk since it is a complex project both legally and politically and having a negative impact on nature and the environment. Kum Kumcuoğlu said that the third airport was mainly financed through domestic banks, but domestic banks capacity.
Gem We cannot force any ship to cross the straits as ships pass freely and at a low price. The project is unlikely to generate revenue. I don't see any reason why the land near the canal will gain value. In addition, the risks associated with the Montreux agreement should not be ignored. ”
What is expected in the insurance sector?
When looking at the project's insurance Kumcuoğlu size too small on a world scale, indicating that the insurance sector in Turkey, at risk during the construction of the channel says that a domestic capacity to fuse.
Some experts draw attention to the size of the arbitration in the insurance process; In addition, an insurance process through the World Insurance Association regarding the damages that the ships passing through the channel after passing through the channel may be caused during the passage may also be engaged. At this point, a tariff system with different parameters such as cargo, whether it is dangerous or not, and the size of the ship will be required.
The Constitutional Court (AYM) rejected the cancellation request of the regulation regarding the inclusion of Kanal Istanbul in the Build-Operate-Transfer (BOT) model. President Recep Tayyip Erdoğan announced that the tender for the Kanal Istanbul project will be held in the coming days. Some experts argue that the financing process of the project, which is expected to be guaranteed by the Treasury, may vary depending on public reactions.
Istanbul Metropolitan Mayor, who harshly criticizes Kanal Istanbul, which Erdogan refers to as "my dream" Ekrem İmamoğlu on the other hand, describes it as “catastrophic, betrayal and murder”.
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