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ICBC provides $95 million loan for Procurement and Commissioning of 176 Metro Cars Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Turkey Ministry of Transport and Infrastructure |
| Country | Turkey |
| Start Date | Jan 01, 2020 |
| End Date | Mar 18, 2030 |
| Duration | 3,729 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 105728 |
Grant Description
ICBC provides $95 million loan for Procurement and Commissioning of 176 Metro Cars Project In 2020, ICBC issued a $95 million term loan facility for the Procurement and Commissioning of 176 Metro Cars Project.
However, it is known that the borrower was expected to use the proceeds of the loan to partially finance an EUR 210 million commercial contract between the Turkish Ministry of Transport and Infrastructure and CRRC Zhuzhou Locomotive Co., Ltd., which was signed in January 2020.
The purpose of the project was to acquire and commission 176, 120 km per hour (75 mph) class automated metro trains (cars) for Line 11 on the Istanbul Metro (M11). The M11 is being built to serve Istanbul’s new airport which opened in April 2019. It will start at Gayrettepe in northern Istanbul where it will interchange with Line M2, and it will have six stations.
CRRC Zhuzhou Locomotive Co., Ltd. was the commercial (EPC) contractor responsible for project implementation. The first metro car was produced in Zhuzhou, Hunan Province, in July 2020. All 176 metro cars were officially put into service on January 22, 2023. Delivery of all 176 metro cars was originally scheduled for December 28, 2022.
Staff Comments
1. This project is also known as the Procurement and Commissioning of 176 Metro Vehicles for İstanbul New Airport Metro Line Project. The Turkish project title is İstanbul Yeni Havalimanı Metro Hattı için 176 Metro Aracının Tedarik ve İşletmeye Alınması.
Sources & References
- 2021 First Half Year Interim Report
- CHINA IN THE BROADER BLACK SEA REGION
- Istanbul Airport Metro Car Purchase Tender Result
- M11 (Istanbul Metro)
- CRRC completes first Istanbul automated metro train
- China-made trains enter service in Istanbul's new metro line Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Turkey Ministry of Transport and Infrastructure
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