Societe Generale joins EBRD in financing Izmir metro
Izmir, Turkey’s third-largest city, is receiving a new funding boost, despite the coronavirus pandemic, as Societe Generale is joining the European Bank for Reconstruction and Development (EBRD) in financing the expansion of the city’s metro network.
• Turkey’s third-largest city raises funds for key infrastructure despite coronavirus pandemic
• Societe Generale’s €25 million loan comes under EBRD’s A/B syndication structure
• Izmir committed to improving urban environment under EBRD Green Cities initiative
Societe Generale is providing €25 million as a B-loan under the EBRD’s A/B syndication structure, supplementing the €80 million loan provided by the EBRD in 2018 for the construction of a new 7.2 kilometre metro line along Izmir’s east-west corridor.
The Fahrettin Altay-Narlidere-Kaymakamlik line is expected to become operational in 2022 and will improve the connection between a university campus, a hospital and retail areas. It will extend the existing 19 kilometre Evka 3-Fahrettin Altay line and will link up with bus, suburban rail and tram networks.
The mayor of Izmir, Tunc Soyer, said: “The works to build the Fahrettin Altay-Narlidere-Kaymakamlik metro line continue at full speed and the line will become operational as planned. This loan is a good example of the support given to Izmir despite the Covid-19 outbreak.”
Izmir is one of our long-standing partners in Turkey. We welcome its drive to expand the transport network in a green, sustainable manner, and improve the quality of urban travel. The EBRD is pleased to play a role in financing this undertaking and attract other lenders to the cause.
EBRD Managing Director for Turkey
Societe Generale is particularly proud to join forces with the EBRD and contribute to the financing of this metro line extension, particularly important for the population of Izmir city. It evidences our ability to stand-by our clients, even in the current difficult coronavirus context, and help them out notably on their sustainability and positive impact agendas.
Managing Director, Export Finance, at Societe Generale
The investment project is part of the joint work of Izmir and the EBRD to improve the urban environment and people’s lives in the city.
In 2018, Izmir joined EBRD Green Cities, an urban sustainability programme active in 40 cities, and committed to developing a comprehensive step-by-step investment plan addressing its most pressing environmental challenges.