The flagship project of the Justice and Development Party (AKP) in Istanbul is in trouble after contractor and officials abanded the project.
The project soft opening was scheduled in October 2018, but in December the government delayed the opening to March 2019. The opening date was pushed back again due to fears of local elections on March 2019. In the meantime, the contractors, which signed the BOT project, abanded the project. Officials responsible stated that the construction work of the project is almost over.
This US$ 25 billion concession was awarded to Istanbul Grand Airport (IGA) formed by Cengiz, Limak, Kalyon, Kolin and Mapa. Project construction began in June 2014.
The terms of the Public Private Partnership deal state that during 13 years after the airport opens, the contractors are guaranteed an annual income of 6.3 billion euros from the 90 million passengers projected to travel through the airport annually and any shortfall would be paid to the consortium by the Treasury.
Country updates
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December 14, 2018
Consultants sought to supervise hospital PPPs in Turkey
The European Bank for Reconstruction and Development (EBRD) has published an invitation for expressions of interest for consultants to assist an EBRD project team in supervising the implemen...
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December 03, 2018
Global Yatırım Holding sells 6.33% stake in ports subsidary through secondary placing
Global Yatırım Holding A.Ş. (GIH) has sold 4 million shares in Global Ports Holding (GPH), via an accelerated bookbuild placing at a price of GBP4.35 (US$5.55). GIH intended to sell&nb...
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July 24, 2018
Kanal Istanbul to be developed under public-private partnership
The Transport and Infrastructure Ministry of Tukey will deliver the project following the build-operate-transfer (BOT) model. It is expected that the construction of Kanal Istanbul, whi...
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April 11, 2018
A loan agreement has been signed for the project
A loan agreement has been signed for the project. No details have been disclosed
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March 21, 2018
US$2.8 billion financing for bridge-highway project in Turkey
Çanakkale Otoyol, the owner of the 1915 Çanakkale Bridge and Highway project, has announced that it has secured EUR2.3 billion (US$2.83 billion) financing from a consortia of 2...
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