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

  • New tunnel Acapulco Bay in Mexico
    May 25, 2016
    Acapulco is to benefit from a new tunnel route to cut congestion. A new road tunnel close to Acapulco Bay will help cut journey times for drivers in this part of Mexico. Both tourists and locals in Acapulco Bay currently experience long journey times at present, with a key problem being congestion on the 12km route from Juan N Alvarez International Airport to the Acapulco Bay beaches. During peak traffic times the journey along the scenic, winding road around the tip of the Cumbres de Llano Largo Mountain t
    Read More
  • Champlain Bridge set to open by end of year, says SNC-Lavalin
    March 6, 2018
    The replacement Champlain Bridge in Montreal will open on schedule at the end of the year, according to the SNC-Lavalin-led consortium heading the project. Cost of the entire corridor project is set at US$3.3 billion of which around $1.8 billion is for construction of the bridge, approach roads and highway adjustments. Failure to open the bridge to vehicular traffic on time means the consortium faces stiff fines, according to media reports: around $77,500 a day for the first seven days followed by $31
    Read More
  • Russia's key highway development project
    February 8, 2012
    One of the largest construction programmes in Europe is being carried out to get a Russian resort ready for the Winter Olympics. Patrick Smith reports
    Read More
  • Russia's key highway development project
    May 28, 2012
    One of the largest construction programmes in Europe is being carried out to get a Russian resort ready for the Winter Olympics. Patrick Smith reports. Daytime temperatures top 30°C in September, and with hundreds of shops and hotels, it is not difficult to see why Sochi has become Russia's premier holiday playground. The city, on the east coast of the Black Sea, near the border with Georgia, bustles with tourists, and this is boosted with delegates at the 9th International Investment Forum Sochi 2010.
    Read More

Highlighted Content