Turko-Italian consortium signs 3rd Istanbul bridge deal

ISTANBUL — Rome-based Astaldi says a deal with Turkish banks for a $2.3 billion loan for the construction of Yavuz Sultan Selim Bridge has been signed ANKARA Italian construction company Astaldi announced the signing of a deal with a pool of Turkish banks for a $2.3 billion loan for the construction and subsequent management of a third Istanbul bridge linking the European and Asian sides of the city. The overall value of the investment made by the consortium of Turkey's IC Ictas and Italy's Astaldi amounts to approximately $2.9 billion, the Rome-based company said in a press statement Tuesday.

The Yavuz Sultan Selim Bridge -- which is named after early 16th century Ottoman sultan Selim I, whose rule marked the expansion of the burgeoning world power in the Middle East -- is projected to be the widest bridge in the world, measuring 60 metres in width and housing 8 motorway lanes. "The concession duration is for a period of more than 10 years, 30 months of which for construction activities and the remaining period for management activities," the statement by Astaldi said. The joint venture is involving IC Ictas with a 67 percent stake and Astaldi with a 33 percent one. The bridge, which will allow road vehicles and trains to cross the Bosphorus Strait from the Beykoz district in Asia to the Sariyer district in Europe, is expected to ease congestion in the 17 million populated city.