Jeddah, November 2, 2024 – The Islamic Corporation for the Development of the Private Sector (ICD) has committed EUR 40 million to co-finance Turkey's ambitious Northern Marmara Highway Project, a transformative infrastructure endeavor that seeks to improve Istanbul's connectivity, reduce congestion, and enhance road safety. The ICD's contribution is part of a larger EUR 1.04 billion senior debt package, funded by a coalition of leading international institutions, including the European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB), and the Islamic Development Bank (IsDB), as well as a consortium of commercial lenders. This major investment demonstrates a strong alignment among these entities to enhance Turkey’s infrastructure while embracing environmentally sustainable practices.
The Northern Marmara Highway Project is strategically designed to alleviate congestion along Istanbul's east-west corridor and is structured under a build-operate-transfer (BOT) model. Spanning 31.3 kilometers, the toll road includes an impressive 1.6-kilometer cable-stayed bridge, along with multiple overpasses and underpasses, providing streamlined connectivity for one of Turkey's busiest urban regions. This BOT arrangement entrusts a private partner with the highway's construction, operation, and maintenance before its eventual transfer to the government, ensuring the infrastructure's efficiency, safety, and long-term value for Turkey’s transport network.
At the forefront of this project is a commitment to sustainability, underscored by the integration of a Solar Energy Production System. This renewable energy setup will harness solar power to fulfill the energy requirements of the highway's Operation and Maintenance (O&M) center and service stations, positioning the project as a forward-thinking model for sustainable infrastructure. Notably, the renewable energy component is expected to play a critical role in minimizing environmental impact by generating clean energy directly on-site, reducing the project's carbon footprint, and aligning with broader climate goals.
The Northern Marmara Highway is anticipated to reduce greenhouse gas (GHG) emissions by an estimated 7.9 million tons over a 30-year span. This environmental benefit includes significant reductions in particulate matter (PM) emissions by 1,399 tons and nitrogen oxides (NOx) emissions by 58,699 tons, contributing to a cleaner and healthier environment for the region.
Through this substantial investment, ICD and its co-financiers are setting a precedent for sustainable, impactful infrastructure projects that drive economic growth while mitigating environmental challenges. As Turkey continues its journey toward more resilient, sustainable infrastructure, the Northern Marmara Highway is positioned to become a model for future projects in the region.