Istanbul: The Islamic Corporation for the Development of the Private Sector (ICD) has signed a EUR 40 million to co-finance the Turkiye Northern Marmara Highway Project. The project aims to enhance Istanbul’s east-west connectivity, improve road safety, and reduce congestion. It is being developed under a build-operate-transfer agreement and involves a 31.3-km toll road, including a 1.6 km cable-stayed bridge and multiple overpasses and underpasses.

According to Saudi Press Agency, ICD’s EUR 40 million contribution is part of a broader EUR1.04 billion senior debt package, fully financed by international institutions, including the European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB), the Islamic Development Bank (IsDB), alongside a consortium of commercial lenders.

Thanks to the Solar Energy Production System to be installed, which has “sustainability” at the centre of its design, the clean energy obtained from solar panels will meet the energy needs of t
he highway’s operation and management (O and M) centre and service stations. The project is expected to prevent 7.9 million tons of greenhouse gas (GHG) emissions in 30 years, in particular, it will reduce particulate matter (PM) emissions by 1,399 tons, nitrogen oxides (NOx) by 58,699 tons.