Turkish banks do not want to finance Canal Istanbul

President of major Turkish banks Tayyip ErdoganIt was announced 10 years ago Channel He said he was reluctant to finance the Istanbul project due to the investment risks created by mega construction projects and the impact on the environment.

Four bank sources told Reuters that the banks were reluctant to participate in financing the project because of the risks posed by environmental factors.

Two of the six major bankers in Turkey who are responsible for the banking principles with which they sign contracts Channel He said it was difficult to find sources for the construction of Istanbul.

What Erdogan called a “crazy project” 10 years ago Channel According to the Environmental Impact Assessment (EIA) report released for the construction of Istanbul at the end of 2019, it is estimated at 75 billion pounds, or about $ 13 billion at current exchange rates.

The government will name the western part of the city and connect the 45-kilometer-long Black Sea to the Marmara Sea. channelplans to begin production in June.

Erdogan, channelIstanbul Mayor said that sea traffic in the Bosphorus will be reduced Akram ImamogluAccording to engineers and at least one survey, most citizens oppose the project because it will harm the environment and pollute freshwater sources. Erdogan channelHe said the foundation of the first bridge will be laid in June.

Turkey’s Black Sea neighbor has signaled that they are concerned about the project on security grounds to open a second sea access to the Black Sea and Russia.

“I don’t think we will be involved in financing the project. It’s more like a construction project. There is a risk of an environmental problem. It’s problematic in this regard,” he said. I do not want to be named.

Another senior banker said they did not want to participate in financing the project due to its environmental impact; He said the signatory banks should adhere to the principles of Responsible Banking, which aims to reduce the environmental impact of UN-funded projects.

So far, Istanbul ‘s Istanbul’ s third bridge airport, Gebze – Izmir highway PPP projects such as Garanti Bank, Vakifbank, Denizbank banks have not commented on questions about the financing of large infrastructure projects. Ishbank, Ziraat Bank and Halkbank did not respond when the news was broadcast.

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