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About Dropdown Description

World Bank building
About

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

Learn More

Our Impact Dropdown Description

Hands husking peas into a basket full of peas
Our Impact

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

Learn More

Our Products Dropdown Description

Young woman bending down to tending to her outside chores
What We Do

Explore different types of political risk insurance guarantees provided to investors and lenders.

Learn More

Projects Dropdown Descriptions

Hyundai building
Projects

Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Search Projects
Türkiye

Izmir Marine Transportation Project

$65.5 million
Transportation
Project Brief
Not Active
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Project description

On June 27, 2013, MIGA issued guarantees of $65.5 million covering non-shareholder loans by ING Bank, a branch of ING-DiBa AG (ING) of Germany, to the Metropolitan Municipality of Izmir (MMI) for the Izmir Marine Transportation Project in Turkey. The coverage is for a period of up to 10 years against the risk of non-honoring of financial obligations by a sub-sovereign entity. The ING loan will finance up to six ferries in support of the project.[1]

This project is part of a larger effort to acquire ferries and renovate wharves in the Metropolitan Municipality of Izmir (MMI). The World Bank’s International Finance Corporation (IFC) acted as the loan arranger for this project. Other lenders include the European Bank of Reconstruction and Development (EBRD) and Agence Française de Développement (AFD).

The current ferries in service in Izmir have reached the end of their operating lives and therefore have high maintenance costs and outdated technology.  The new ferries will be significantly faster, more fuel efficient, environmentally friendlier, and safer.  As a result, ferry boat service will increase the share of sea transportation in Izmir’s integrated public transportation system, easing road traffic congestion and pollution, as well as enhancing public safety and security.

The project is aligned with the World Bank Group’s Country Partnership Strategy for Turkey. Improving transportation infrastructure is a key component of the Bank Group’s focus on helping Turkey improve its competitiveness and employment opportunities.

MIGA’s support for this investment is also aligned with the Agency’s strategy of supporting complex projects.

 

[1] The guarantee expired on July 12, 2023.

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