The Asian Infrastructure Investment Bank (AIIB) has agreed to loan €50 million ($59 million) to the Izmir Metropolitan Municipality for construction on a metro line in the city of Izmir, the third-largest city in Turkey.
The loan is being co-financed with the European Bank for Reconstruction and Development.
Funds will help extend and increase the capacity, connectivity and efficiency of the Izmir Metro Expansion Phase 4: Fahrettin Altay – Narlidere Line Project. Work will involve the construction of a new 7.2-kilometer (4.5-mile) extension with seven stations, connecting the western districts with the city center. The total cost of the project is estimated at €300 million ($355 million).
“The project enhances urban mobility and strengthens connectivity in Izmir, Turkey by improving passenger access, reducing costs and travel time,” said Konstantin Limitovskiy, vice president of investment operations at AIIB. “With increased availability of sustainab
