Financing found to fund building Bosporus Bridge

A group of seven banks is to fund the construction of the third Bosporus Bridge crossing in Turkish commercial centre Istanbul. A group of six Turkish banks, Garanti Bankasi, Halk Bankasi, Is Bankasi, Vakiflar Bankasi, Ziraat Bankasi, and Yapi Kredi Bankasi, is being joined by the Netherlands-based Garantibank International to provide the necessary US$2.3 billion of funding required for the project. A joint Italian-Turkish consortium comprising 1324 Astaldi and 3015 IC Ictas will build the bridge, which will reduce congestion in and around Istanbul. The two existing bridges over the Bosporus suffer severe congestion at peak periods and this new structure will help reduce delays and journey times for drivers.