Bosphorus crossing updates

A group of seven banks is to fund the construction of the third Bosphorus Bridge crossing in Turkish commercial centre Istanbul. A group of six Turkish banks, Garanti Bankasi, Halk Bankasi, Is Bankasi, Vakiflar Bankasi, Ziraat Bankasi, and Yapi Kredi Bankasi, is being joined by the Netherlands-based Garantibank International to provide the necessary US$2.3 billion of funding required for the project. A joint Italian-Turkish consortium comprising Astaldi and IC Ictas will build the bridge, which will reduce
November 29, 2013 Read time: 2 mins
The new Bosphorus Bridge crossing at Istanbul will heal reduce the city’s chronic congestion issues
A group of seven banks is to fund the construction of the third Bosphorus Bridge crossing in Turkish commercial centre Istanbul.

A group of six Turkish banks, Garanti Bankasi, Halk Bankasi, Is Bankasi, Vakiflar Bankasi, Ziraat Bankasi, and Yapi Kredi Bankasi, is being joined by the Netherlands-based Garantibank International to provide the necessary US$2.3 billion of funding required for the project. A joint Italian-Turkish consortium comprising 1324 Astaldi and 3015 IC Ictas will build the bridge, which will reduce congestion in and around Istanbul.

The two existing bridges over the Bosphorus Strait suffer severe congestion at peak periods and this new structure will help reduce delays and journey times for drivers. Meanwhile, a series of upgrades are planned for the two bridges crossing the Bosphorus at Istanbul. A series of structural renovation works will be carried out. The work is due for completion in 2014 and includes the replacement of 236 cable sections. The tender for the work is now open to entrants although it has been closed to consortia.

For more information on companies in this article

Related Content

  • British Columbia decides on Massey Tunnel
    August 20, 2021
    Canada’s Pacific coast province of British Columbia has announced the George Massey Tunnel replacement will be another tunnel and not a bridge as decided earlier.
    Read More
  • Saudi Arabian capital Riyadh benefiting from major transport investment
    September 9, 2013
    Saudi Arabia is undergoing a series of upgrades to its transport network in a bid to improve Traffic flow rates and boost safety - Mike Woof reports. The massive growth in the use of motor transport worldwide since the start of the 20th century has transformed every country on the planet. But perhaps no country has changed more dramatically than Saudi Arabia, the world’s leading oil producer. At the start of the 20th century Saudi Arabia’s population was small and the country had few industries while it is
    Read More
  • A tricky road update is planned for an important rural road in Brazil
    September 27, 2013
    Brazilian consultant SOTEPA has been closely involved with infrastructure improvements in a series of projects in the southern state of Santa Catarina. One of the most important of these has been design work for the SC-477 state highway, which connects the east of the state to Brazil’s Littoral zone and the BR-101 federal highway. The SC-477 has had to be upgraded as part of it has been unsurfaced, without an asphalt surface between Itaiópolis and Doutor Pedrinho. The road provides an important link for the
    Read More
  • Cost increases for major Chilean highway project
    November 15, 2013
    The cost of Chile’s Vespucio Oriente highway project is increasing, while its completion also looks set to be delayed. A 13% budget increase is now required due to additional costs from a number of factors such as urban landscaping, according to Business News Americas. The Américo Vespucio Oriente (AVO) expressway is being built in Chilean capital Santiago and was originally expected to cost in the region of US$940 million. However Chile’s Public Works Ministry, MOP, has said that the route will now cost so
    Read More

Highlighted Content