EBRD pledges almost $500 million to support new 3rd bridge in Istanbul

The loan is part of a wider €1.5 billion financing package to build the Northern Marmara Motorway project

The new bridge will be the third over the Bosphorous and will connect the European and Asian sides of Istanbul.

The European Bank for Reconstruction and Development (EBRD) has agreed to provide a loan of up to €245 million to finance the construction of a new bridge over the Bosphorus Strait in Istanbul, Turkey.

The loan is part of a wider €1.5 billion financing package for the Northern Marmara Motorway project, which includes the construction of the bridge, as well as approach roads and junctions on both sides of the strait.

The new bridge will be the third over the Bosphorus and will connect the European and Asian sides of Istanbul. It is expected to significantly reduce traffic congestion in the city, which is one of the most congested in the world.

The EBRD loan will be used to finance the construction of the bridge itself, as well as the approach roads and junctions on the European side of the strait.

The project is expected to be completed in 2023 and will be a major boost to the Turkish economy.

The EBRD is a leading investor in Turkey and has been supporting the country's infrastructure development for over 25 years.