23 September 2013
Seven Turkish banks have signed a nine-year deal to loan $2.3bn to a Turkish-Italian consortium for the construction of the North Marmara Highway Project.
Turkey’s İçtaÅŸ Ä°nÅŸaat and Italy’s Astaldi will construct 414km of road, and the third bridge across Istanbul’s Bosphorus Strait, which will measure 1.3km and will have four lanes in each direction.
![](https://www.globalconstructionreview.com/wp-content/uploads/2021/08/520istanbul_bosphorus_1.jpg)
Funding for a third bridge in Istanbul has been secured (Wikimedia Commons)
Once complete it is hoped the bridge will reduce traffic in Istanbul and provide a further link between Asia and Europe.
The İçtaş İnşaat-Astaldi joint venture won the bid by proposing plans to complete the project in the shortest period of time, 10 years, two months and 20 days.
Source: InfraPPP World