SocGen joins EBRD in financing Izmir metro extension
Societe Generale is joining the European Bank for Reconstruction and Development in financing the expansion of the metro network in Izmir, Turkey.
The French bank 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 7.2km metro line along Izmir’s east-west corridor.
The Fahrettin Altay-Narlidere-Kaymakamlik line is expected to become operational in 2022 and will extend the existing 19km Evka 3-Fahrettin Altay line. The EBRD has also provided €23.5 million of financing for 85 new vehicles for the Izmir metro system and a €33 million loan for five new car ferries – three are already operational and represent an environmentally friendly alternative to the city’s busy roads. Now the bank is planning to co-finance a 13.3km metro line between the Ucyol and Buca neighbourhoods of Izmir.
