Turkish, German banks sign $5B loan for highway project
A consortium of eight Turkish Banks and Deutsche Bank AG London have signed a $5 billion loan agreement for Turkey's largest highway project to date, Anadolu Agency reported.
The 433 kilometer (269 miles) long Gebze-Orhangazi-Izmir motorway project will allow drivers to cover the distance between Istanbul and Izmir in the Aegean province within three and a half hours compared with the current eight hour long trip.
The banks involved in the project are Deutsche Bank, Akbank, Garanti Bankasi, Finansbank, Is Bankasi, Halkbank, Ziraat Bankasi, Yapi Kredi and Vakifbank.
The project is scheduled to end in 2018. It will begin from the Gebze town to the north of Izmit Bay, part of the Sea of Marmara, which is also part of the connecting waterway between the Black Sea and the Aegean Sea.