The European Bank for Reconstruction and Development (EBRD) has agreed to loan 83.3 million euros ($94.4 million) of credit for work on Istanbul's metro system.
Istanbul's metro network currently covers 145 kilometers, while the municipality plans to bring that up to 450 kilometers by 2019 and 650 kilometers by 2030.
In a statement on the purpose of the funds, the EBRD referred to the Ataköy-İkitelli metro line that is planned for completion in 2019.
The Ataköy-İkitelli metro line will be 13 kilometers long, will have 12 stations and connect the southernmost and northernmost points of Istanbul's European side.
This metro line will be completed at a total cost of 338.3 million euros, which the EBRD will support with parallel funds of 250 million euros.
Meanwhile there will be 83 million euros of additional credit for the project.
EBRD Managing Director for Turkey Jean-Patrik Marquet said, "The city urgently needs a larger public transport network to continue fueling the growing economy and keep its increasing population on the move. Following the successful launch of the Eurasia Tunnel under the Bosporus straits, financed by both the EBRD and the EIB, we are pleased to continue working together to deliver financing for this new prestigious project which will make a real difference to this metropolis."
Deputy Secretary-General at the Istanbul Metropolitan Municipality, Eyyüp Karahan said: "We are moving toward our 2023 targets and this project, funded jointly by the EBRD and the EIB, will help us meet the increasing demand in public transport as the population continues to grow. We believe that the project will contribute to the expansion and integration of the public transportation systems."
The EBRD began investing in Turkey in 2009, and currently has offices in Istanbul, Ankara and Gaziantep. The bank invested 1.9 billion euros ($2.17 billion) in Turkey in 2016 and has invested over 9 billion euros ($10.27 billion) in Turkey since 2009.