Izmir Metropolitan Municipality provided the first resources of approximately 21,5 million Euros for the construction of the Buca Metro, the largest transportation project in the history of the city, from the European Bank for Reconstruction and Development (EBRD) and the French Development Agency (AFD). President Tunç Soyer said, “Now we will focus on the target and only look ahead. That metro will come to Buca,” he said.
There was another pleasing development for the Buca Metro, the foundation of which was laid by the Izmir Metropolitan Municipality on February 14. The first tranches of 21,5 million Euros of the loan to be used in the construction of the Buca Metro project have arrived.
Now we're on target
Izmir Metropolitan Municipality Mayor Tunç Soyer said that they set out with great faith and determination to carry out the biggest transportation project in the history of the city, again with Izmir's own dynamics and the power of the local government, and that they overcame all obstacles one by one to reach the goal. Stating that the loan they have obtained from two important European development banks under favorable conditions is proof of the correctness of the financial strength of the Izmir Metropolitan Municipality as well as their financial strategies, Soyer said, “Providing the financing, which extends to a total of 4 years, with a maturity of 12 years, without a Treasury guarantee, under favorable conditions, İzmir' Trust e and globally kazana sign of reputation. It is a very important event that our municipality can reach such important financial resources and the first credit tranches in this context during the difficult process experienced in the world and in our country. Now we will focus on the target and only look ahead. We will continue the construction of Buca Metro. That metro will come to Buca,” he said.
President Tunç Soyer said that by completing the Fahrettin Altay-Narlıdere Metro line and Çiğli Tram in a short time, they will make İzmir the leading city of Turkey in the field of modern public transportation.
The project will be leveraged
Within the scope of Üçyol-Buca Light Rail System Line Project, İzmir Metropolitan Municipality; A total of 2021 million Euros was signed with the European Bank for Reconstruction and Development (EBRD), 125 million Euros in July 2021, 125 million Euros with the French Development Agency (AFD) in November 250. For the realization of the Izmir Metropolitan Municipality Buca Metro Project, a total of 250 million Euros of external financing, which will be the leverage of the project, has been obtained from international development banks, with an advance amount of approximately 21,5 million Euros. It was stated that the remaining financing will be used on the basis of progress payment from the mentioned international development banks, in accordance with the terms of the contract.