IC Ictas-Astaldi close financing for third Istanbul bridge

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IC Ictas-Astaldi close financing for third Istanbul bridge Bosphorus Bridge in Istanbul. Turkey

A consortium formed by Turkey's IC Ictas and Italy's Astaldi has signed a deal with Turkish banks for a nine-year, $2.3 billion loan for the construction of the North Marmara Highway Project that includes the construction of the third bridge across Istanbul's Bosphorus Strait.

Turkish banks Isbank, Yapi Kredi, Vakifbank, Garanti, Halkbank, Ziraat Bank and Garanti Bank International NV will provide the loan.

The North Marmara Highway Project involves 414 km (257 miles) of roads looping north of Istanbul and a third bridge across the Bosphorus.

?çta? ?n?aat - Astaldi won the bid by proposing plans to complete the project in the shortest period of time, 10 years, two months and 20 days, while its only final challenger, the Cengiz ?n?aat - Kolin ?n?aat-Limak-Makyol ?n?aat-Kalyon ?n?aat Consortium, submitted a much longer time-frame of 14 years, nine months.

The third bridge over the Bosporus will measure 1.3 kilometres and connect Asia and Europe north of Istanbul. It will have four lanes in each direction and aims to reduce the traffic of Istanbul (a 13 million inhabitants megalopolis), linking Europe with the Caucasus, the Middle East and the Far East.

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