ING building bridges in Turkey
30 July 2018
A two-kilometre suspension bridge, the world’s longest, is being built over the Dardanelles Strait in north-western Turkey linking Europe and Asia. ING helped secure €2.27 billion of financing for the project that involves an international consortium of four clients.
The suspension bridge will become the world’s longest, overtaking Japan’s 1,991-metre long Akashi Kaikyo Bridge.
Situated some 200 kilometres south of Istanbul, the bridge and adjoining 89-kilometre stretch of motorway will connect Turkey's existing road network on either side, adding economic and social value to Turkey.
Linking West and East
“I am proud of ING’s role in this landmark deal and the expertise of the 16 departments involved in it with one common goal: to provide excellent service to our clients,” said ING’s Dokyun Kim, who coordinated the deal.
The bridge will complete a 354-km ring road around the Marmaris Sea, which opens up a new intercontinental route, helping to alleviate congestion on roads in and around Istanbul. Currently, the only motorway linking East and West runs through the capital city.
The four clients participating in the project are South Korea's SK Group and Daelim Industrial, Turkish conglomerate Limak and construction firm Yapi Merkezi.
“Such a landmark project financing would not have materialised without excellent support from ING,” said Hoeun Hong, head of Project finance at SK E&C.
The project is expected to be completed in 2023, in time for Turkey’s 100th year celebrations.