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Overview

ICBC provides $95 million loan for Procurement and Commissioning of 176 Metro Cars Project

Commitments (Constant USD, 2023)$98,014,713
Commitment Year•2020Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeySector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2020
Start (actual)
Jul 1, 2020
End (planned)
Dec 28, 2022
End (actual)
Jan 22, 2023

Geospatial footprint

Map overview

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The purpose of the project is to acquire and commission 176, 120 km/h (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. More detailed locational information can be found at https://www.openstreetmap.org/relation/15083964.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Government Agencies

  • Turkey Ministry of Transport and Infrastructure

Implementing agencies

State-owned companies

  • CRRC Zhuzhou Locomotive Co., Ltd

Loan description

ICBC provides $95 million loan for Procurement and Commissioning of 176 Metro Cars Project

Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

In 2020, ICBC issued a $95 million term loan facility for the Procurement and Commissioning of 176 Metro Cars Project. The borrowing terms of the loan are unknown. 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.