Banks dole out for huge road project
ANKARA - Anatolia News AgencyA consortium of Turkish and foreign construction firms have signed a $4 billion loan agreement with various Turkish and foreign banks to finance the Gebze-Orhangazi-İzmir highway project.
The new highway will allow drivers to cover the distance between Istanbul and İzmir in the Aegean province in a mere 3.5 hours compared to the current eight. This is Turkey’s largest highway project to date.
Lenders financing the project include Akbank, Finansbank, İşbank, Halk Bank, Vakıfbank, Garanti Bank, Ziraat Bank, Yapı Kredi Bank, Islamic Development Bank, International Finance Corporation, European Bank for Reconstruction and Development, UniCredit, Citigroup, Credit Agricole, West LB, The Saudi National Trade Bank and Mizuho.