ICBC provides EUR 20 million working capital loan to ERG İnşaat A.Ş. for Ankara-Izmir High-Speed Railway Project

During the first quarter of 2021, the Industrial and Commercial Bank of China (ICBC) issued an EUR 20 million working capital loan to ERG İnşaat Ticaret ve Sanayi Anonim Şirketi (ERG İnşaat A.Ş.) — a Turkish company — to support its involvement in the Ankara-Izmir High-Speed Railway Project. The purpose of the project is to construct a 503.2 km high-speed rail connecting Ankara, the capital of Turkey to Izmir, the third largest city. The project is part of Turkey's masterplan to develop a 10,000 km network of high-speed rail lines by 2023. The project is expected to alleviate traffic congestion and reduce CO2 emissions by providing an alternative to current air and road routes, which resulted in the financial transaction being classified as a ‘green loan’ under LMA’s Green Loan Principles. Ankara-Izmir YHT Yapımı Is Ortaklıgı (a consortium involving ERG International UK, ERG İnşaat Ticaret ve Sanayi Anonim Şirketi, and SSB Sauerwein & Schaefert) is the EPC contractor responsible for the implementation in the Ankara-Izmir High-Speed Railway Project. The project’s groundbreaking ceremony took place on August 30, 2022.

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