On February 12, 2015, MIGA issued a guarantee of €170.1 million ($192.9 million equivalent) covering a non-shareholder loan from BNP Paribas of France—acting as agent on behalf of itself and Crédit Agricole - CIB—for the Üsküdar-Ümraniye-Çekmeköy Metro Line in Turkey. The coverage is for a period of up to 13 years against the risk of non-honoring of financial obligation by a sub-sovereign.
The project consists of the procurement of rolling stock of 21 driverless trains of six metro cars each, as part of the commissioning of the Üsküdar-Ümraniye-Çekmeköy metro line (UUC Metro Line). This new, 17-kilometer UUC Metro Line on the Asian side of Istanbul will include 16 stations and one depot.
Connecting the inland residential area of Çekmeköy with the Üsküdar coastal area, the new line will enable passengers to transit directly to the ferry service at the Üsküdar Boat terminal or another metro line at the Marmaray Tunnel, which crosses the Bosphorus— reducing traffic congestion.
The UUC Metro Line, together with the reconfigured bus network, is projected to serve up to 80 percent of the population on the Asian side of Istanbul. The project will extend the metro system’s reach, helping to integrate the city’s various transportation networks (light railway, ferry, and bus). It will also significantly reduce the current excessive travel times and improve travel safety.
MIGA’s involvement was very important for the project’s financing, providing the lenders and the Istanbul Metropolitan Municipality with a cost-saving solution that was not readily available otherwise.
The project is aligned with the World Bank Group’s Country Partnership Strategy for Turkey. Improving transportation infrastructure is a key component of the Bank Group’s focus on helping Turkey improve its competitiveness and employment opportunities.