BOSPHORUS TUNNEL TRANCHE B

The Project involves the additional financing of the Bosphorus Tunnel Project which consists of a rail tunnel crossing underneath the Bosphorus Strait to link the existing commuter lines on the European and Asian side of Istanbul, a city of 13m inhabitants. It also includes the upgrading of these existing lines and the procurement of new rolling stock. Once completed, this flagship investment will constitue the first seamless mass transit system in Istanbul to cross the Bosphorus and link the two sides of the city along 76km of its southern shores. It will also enable high-speed intercity trains to cross the Bosphorus and reach the heart of the city.

The Project will enhance the Sustainable Urban Transport network of Istanbul

The original Project was appraised in 2004 for compliance to the then prevailing EIB environmental policy and found to be acceptable subject to conditions. The Project was implemented as originally intended and in accordance with relevant original environmental decisions. All environmental conditions had been met and all permits obtained. The appraisal will check the compliance of any possible technical changes with the original environmental permits.

The Promoter of the Project has undertaken to comply with the Banks procurement guidelines, including international tendering. All parts of the Project have already been tendered drawing significant competition from major international railway contractors consistent with EIB procurement guidelines. This will be verified during appraisal.

This operation is covered by the ELM Guarantee.

The project cost will be verified during the appraisal.