Sariyer-Kilyos Motorway Tunnel

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This project involves the development of the Sariyer-Kilyos Motorway Tunnel, located in Istanbul, Türkiye. The project works encompass construction of 8.2 km motorway, including the 6,875-meter Sariyer-Kilyos Tunnel and 1.3 km of access roads, to connect Istanbul’s northern suburbs to the city center. The project aims to reduce journey times for motorists and mitigate air and noise pollution caused by traffic. It is scheduled to become operational in 2026. The sponsor for this initiative is ICA, a member of the IC Holding Group. The project is notable for being the first motorway Public-Private Partnership (PPP) in Türkiye financed through bond issuance. The bonds in the amount of $405 million, listed on the Luxembourg Stock Exchange, were issued on 31 October 2024, with JP Morgan as the initial purchaser. The financing structure includes a debt assumption agreement from the Turkish Ministry of Treasury and Finance, underscoring its significance as a landmark infrastructure initiative. https://www.wfw.com/press/wfw-advises-ica-on-us405m-secured-amortising-notes-for-turkish-infrastructure-project/; https://x.realfin.com/transaction/269983/istanbul-sariyer-kilyos-motorway-tunnel-82km-ppp