New Ferries for Istanbul

The EIB is lending Istanbul’s Ferry boat company (IDO) $60.84m to finance the purchase of two fast ferryboats – part of a comprehensive program, which aims to improve the cities hamstrung transport infrastructure. Both ferryboats are designed to carry some 1200 passengers and over 200 cars and will offer passengers maximum level of comfort and safety. Istanbul is Turkey’s largest city and center of one of the country’s leading industrial and economic regions. The two bridges crossing the Bosphorus have proven insufficient to move hundreds of thousands of daily commuters in a city of 12 million people. Using the ferry to cross the straits is an alternative way to avoid the clogged roads. The loan supports the progressive and modernizing team of IDO a specialized municipal company operating the city of Istanbul’s ferry crossings that set the benchmark for assured quality and genuine service to the public. Since 2001, the EIB has directed some EUR 580 million to Turkey to improve urban transport facilities.