The “Great Move in Rail Systems” meeting was held by the Istanbul Metropolitan Municipality (IMM). At the meeting held at the Haliç Congress Center, IMM President Ekrem İmamoğlu shared information about the rail system projects they mobilized one by one with the funds found.
When Our Credits Were Insufficient, We Issued Bonds
Reminding that during the election campaign, they expressed that they would give priority to the subway, not the wasteful projects that ignore the problems of the people, İmamoğlu underlined that they will finish the lines that were promised by the previous administration but not completed as soon as possible. Stating that they took action to find funds to start a big move in the rail system infrastructure, İmamoğlu stated that the first foreign financing was signed in autumn 2019. Stating that the loans were insufficient due to the size of the projects, İmamoğlu reminded that they started the bond issue project in October 2019 as a new financing model. Saying, "International financial institutions, which saw that Istanbul was doing business with transparency, merit, public interest and an accountable management, bid exactly 580 times our $ 4 million bond issue," said İmamoğlu, adding that they started the "rail systems move" with the funds provided.
Rail System Projects Mobilized by Financing
- An agreement worth 2019 million Euros was signed in August 175 with the European Bank for Reconstruction and Development, the Black Sea Trade and Development Bank and the Societe Generale Bank. On October 10, 2019, construction work was resumed on the Ümraniye-Ataşehir-Göztepe Metro Line.
- A loan agreement of 2019 million Euros was signed with Deutsche Bank in October 110. On January 7, 2020, the construction of the 1st part of the Çekmeköy-Sancaktepe-Sultanbeyli Metro Line was resumed. First of all, the work between Çekmeköy-Sancaktepe City Hospital, which is the first part of the line, will be completed. An additional financing of 1 million Euros was provided to the project from the fund obtained by the Eurobond issuance. Thus, with this financing, the work of the line up to Sultanbeyli was accelerated.
- A loan agreement of 2020 million Euros was signed with the French Development Agency in February 86. On February 20, 2020, Kaynarca-Pendik-Tuzla 1st part works were resumed. In addition, with the financing of 34 million Euros to be used from the Eurobond export, the construction of the first part of the line, between Pendik Center-Kaynarca-Hospital, will be completed.
- The 2016 million Euro loan of the Eminönü-Alibeyköy-Tram Line project, which was started in 100, was finished and the construction works were completely stopped. In March 2020, funds were transferred to the project from IMM's own resources and the constructions were resumed.
- The Rumelihisarüstü-Aşiyan Funicular Line project, which was launched in 2017, had completely stopped as of March 2019 due to insufficient funds. In June 2020, the construction on this line was resumed by creating equity.
- The loan of the Dudullu-Bostancı Metro Line project, which was also started in 2016, was over and the construction works were completely stopped as of March 2019. In June 2020, equity was created and the constructions on this line were resumed.
- Fund from Eurobond issuance, Kirazlı-Halkalı 170 million Euros of financing was provided for the Metro Line project. With this financing, the construction work of the line will be resumed this month.
- Again, from the fund obtained from the Eurobond issuance, 220 million Euros of finance was transferred to the Mahmutbey-Bahçeşehir-Esenyurt Metro Line project. Within the scope of restarting construction works with this finance, design works are ongoing.
- İkitelli-Ataköy Metro Line, which is one of the two projects that continue to be built when it was commissioned, achieved 64 percent progress in a short time. This year, the 2.1-kilometer part will be put into service next year and the whole.