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Istanbul Road Tunnel secures financing

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Marina Miceli Marina Miceli Europe Press Office,London
10 April 2013

The Istanbul Strait Road Tunnel Crossing project in Turkey has passed a key milestone as the project secured the final funding and approvals needed to get the scheme moving into the full construction phase.

Arup has been working as the Lenders’ Technical Advisor on the proposed tunnel under the Bosporus Strait since 2009 when concessionaire, Avrasya Tuneli, was appointed preferred bidder, so passing ‘financial close’ is a landmark step for both the team and the client.

The project involves constructing a 5.4km long tunnel under the Bosporus Strait to alleviate the traffic congestion on the existing Bosporus bridges and is due to open to traffic in 2017. The tunnel will connect the historic peninsula on the European side with the existing motorway network near to Kadikoy on the Asian side.

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We are very pleased to have played a part in bringing this hugely important project to fruition. This is major milestone for the Istanbul Strait Road Tunnel and for the client. The road tunnel will bring tremendous benefits right in the heart of Istanbul, easing congestion and reinforcing trade links, so it is great that we now have all the key elements in place to get the works started. We have taken a huge step forward and we look forward to continue working with the project team to ensure that Istanbul gets a key asset securely delivered in 2017. ” Koray Etoz Director

As well as the tunnel, the project also includes the construction of 10km of access roads, two toll plazas and the operations buildings for the tunnel.

To date, Arup teams based in Istanbul, London and Solihull (Midlands) offices have helped secure sign-off to start the project by providing a range of technical, traffic, environmental and social due diligence services to the funding banks. During the construction phase Arup will be responsible for monitoring the contractor’s activities and reporting on progress.