Economy

Istanbul joins European bank's Green Cities program

EBRD to give financial support to metro line construction in Istanbul, Turkey's largest city by population

Tuba Şahin   | 03.05.2021
Istanbul joins European bank's Green Cities program

ANKARA 

Istanbul, Turkey's largest city by population, has joined the European Bank for Reconstruction and Development (EBRD) Green Cities urban sustainability program.

The European bank will provide financial support to the construction of a new 14 km metro line connecting the east and west of the city, according to a statement from the bank on Monday.

The EBRD and Istanbul Municipality will also work together to identify investment opportunities in green infrastructure priority areas such as urban regeneration, solid waste management, water and wastewater, urban roads and lighting, urban transport, public building energy efficiency, renewable energy, and power infrastructure energy efficiency.

Recalling that the bank is already financing two metro lines in Istanbul, EBRD President Odile Renaud-Basso said: "We are ready to fund more improvements to public transport and other areas of city life."

Renaud-Basso noted that Istanbul will gain from the investment, policy advice, and expertise that come with the program, adding: "Just as the program itself will also benefit from welcoming such a historic and truly impressive city.”

Istanbul Mayor Ekrem Imamoglu stressed the potential cooperation areas with the European bank from metro construction to renewable energy generation to waste management.

"Istanbul has an amazing potential," Imamoglu said.

Istanbul is the third after western Izmir province and the capital Ankara to join the EBRD Green Cities and has become the program’s 47th member overall.

With a population of over 16 million, it is also the most populous city in Europe.

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