Luxembourg, Luxembourg – The EIB is lending Istanbul’s Ferry boat company (IDO) EUR 50 million to finance the purchase of two fast ferryboats – part of a comprehensive programme, which aims to improve the cities hamstrung transport infrastructure. Both ferryboats are designed to carry some 1200 passengers and over 200 cars and will offer passengers maximum level of comfort and safety.

Istanbul is Turkey’s largest city and centre of one of the country’s leading industrial and economic regions. The city is attractive to foreign investors and has strong potential in tourism, although substantial investments in the city’s transport infrastructure are needed. The two bridges crossing the Bosphorus have proven insufficient to move hundreds of thousands of daily commuters in a city of 12 million people. Using the ferry to cross the straits is an alternative way to avoid the clogged roads.

The loan supports the progressive and modernizing team of IDO a specialized municipal company operating the city of Istanbul’s ferry crossings that set the benchmark for assured quality and genuine service to the public.

Since 2001, the EIB has directed some EUR 580 million to Turkey to improve urban transport facilities. A major investment being the Marmary project, which foresees a rail tunnel beneath the strait for the first time, supported by the EIB in 2005 with a EUR 1 billion loan.

The EIB’s cumulative investments in Turkey stand at EUR 5,6 billion through more than 100 projects in key economic sectors.