EU: EIB lends EUR 400 million for urban transport in Istanbul
Marmaray project, one of the world’s most ambitious urban rail commuter projects is set to connect Europe with Asia. The European Investment Bank is extending a loan of EUR 400 million to the Republic of Turkey for the financing of rolling stock for the Marmaray urban rail commuter project in Istanbul. The rolling stock of 440 cars, to be configured as 10 and 5-car commuter trains, will be deployed on the city’s rail system.
The loan follows the Bank’s project – signed in September 2004 and in December of last year – to part-finance the upgrade the infrastructure of the rail system. The 76 km railway line will connect Halkali on the European side of the city with suburban Gebze on the Asian side, sharply reducing travel time between the two and helping relieve the city of the growing traffic congestion. The rail system will carry 75.000 passengers an hour and link with the municipal light-rapid rail system and metro.
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