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 Ä°Ã§taÅŸ 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.
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 Ä°Ã§taÅŸ Ä°nÅŸaat-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