IFC supports new tram line in Antalya in bid to strengthen public transport 434
In a statement, the IFC said it will provide the Mediterranean city a 140 million euro finance package, helping the city add 18 kilometers of track and 29 stations to its urban rail transit system.
Antalya currently has 30 km of tram lines and the expansion of the network will connect the northern suburbs of Varsak and Müze to the city center, read the statement.
The financing will also help the municipality buy 20 new tram cars, it added.
The IFC is providing an 80 million euro loan from its own account and mobilizing a 60 million euro loan from its Managed Co-Lending Portfolio Program, which allows institutional investors to passively participate in IFC’s lending program, according to the statement.
The IFC also advised the municipality, through its Europe and Central Asia Cities Platform, on financing options and safety standards.