The Turkish Treasury and the European Investment Bank (EIB) have signed a loan agreement amounting to EUR 150 million to finance the ongoing Marmaray project in Istanbul.
The loan will be used for partial financing of a sub-project of suburban rail line improvements and electromechanical systems within the Marmaray Project.
The first phase of the project, a 13.6-kilometer-long tunnel built 60 meters below the sea level, was launched in October 2013. Around 5.5 billion Turkish Liras (USD 2.5 billion) were spent for the undersea railway tunnel part, which was constructed by a Turkish-Japanese consortium. Connecting Asia and Europe with an uninterrupted railway network under the Bosphorus, the Marmaray tunnel reduces travel time between the two continents to four minutes.