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The European Bank for Reconstruction and Development (EBRD) announced Friday that it has extended €110 million ($129.38 million) in financing to Istanbul Metropolitan Municipality (IBB) to support the completion of a metro line linking residential districts with the Istanbul Financial Center and other key urban hubs.
The project, known as the Umraniye-Atasehir-Goztepe metro corridor, is a 13.03-kilometer (8.1-mile) rapid transit line with 11 stations that has been under construction for nearly 10 years on Istanbul’s Asian side. It connects the districts of Kadikoy, Atasehir, and Umraniye, including the Istanbul Financial Center.
In a statement, the bank said the metro investment also supports Istanbul’s Green City Action Plan, which the municipality adopted in February 2025 with technical and financial support from the EBRD and donor backing from TaiwanBusiness, a Taiwan-supported funding program that provides financial and technical assistance for sustainable urban development through international institutions.
The plan aims to reduce emissions and expand sustainable infrastructure across the city, the bank said.
The municipality is also rolling out workforce development programs alongside the project. A structured training initiative will provide 200 young participants with hands-on experience in sustainable transport systems through on-the-job training, according to the statement.
Construction of the Umraniye-Atasehir-Goztepe metro, for which Turkish contractors Gulermak and Nurol serve as the main contractor through a joint venture, became one of Istanbul’s stalled transport projects due to budget constraints dating back to 2016. Work began in August 2017 but was halted when the tender was canceled in January 2018.
The project restarted after 2019, following years of inactivity, backed by a €97.5 million loan from the EBRD. In 2022, the bank provided an additional €75 million, strengthening financial support for the line.
Progress advanced to the testing phase in March 2024, when initial trial runs were carried out. Later that year, work stopped again after the Istanbul Metropolitan Municipality was unable to make payments to contractor Gulermak, resulting in reduced on-site activity.
Building activity resumed in October 2025, and the metro line remains under construction, with operations scheduled to begin in December 2026.
With the latest €110 million financing, the EBRD’s total contribution to the project has reached €282.5 million, while the total project cost is estimated at €410 million.
As a London-based international development bank that finances private sector projects in emerging economies, the EBRD has invested more than €23 billion in Türkiye since 2009, with a significant share directed toward private sector and urban infrastructure projects.
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