IMM to secure $250 million in external financing for the Kirazlı-Halkalı metro project

The second session of the IMM Council for April was held at the municipal building in Saraçhane, chaired by the 1st Deputy Speaker of the Council, Nuri Aslan.

During the session, the external borrowing request from the IMM Presidency Department of Financial Services, Finance Branch Directorate was discussed.

In the directorate's request, it was noted that the European Side Rail Systems Directorate plans to launch a construction tender for the Kirazlı-Halkalı University rail system line section, and that 170 million euros (203 million 719 thousand 8 dollars) in project financing had been secured for the investment in question through a Eurobond issuance.

The request, which stated that a total of 283 million 852 thousand 797 liras in progress payments had been issued for the terminated project, included the following statement: "Since the approximate cost of this work, which will be put out to tender again, is 454 million 80 thousand 774 dollars, the additional financing needed for the 'Kirazlı-Halkalı University Metro Line Construction and Electromechanical Works Completion Construction' project is the remaining difference of 250 million 361 thousand 766 dollars."

The Plan and Budget Commission deemed it appropriate to grant authorization to the IMM President for the external borrowing request of 250 million 361 thousand 766 dollars, which had been pending in the commission since 2023, with VAT and insurance premiums added.

The motion was put to a vote and passed unanimously.

News Source: AA