EBRD recently approved a loan extension of 110 million euros, completely clearing the obstacles to the completion of the Umraniye Atasehir Oztepe subway line in Istanbul. After 8 years of ups and downs in construction, shutdown, and resumption, this 13 kilometer long transportation artery spanning the Asian side has finally set its goal for full line opening in December 2025. With EBRD's cumulative investment reaching € 282.5 million (69% of the total project investment of € 410 million), this project, which has been repeatedly paused, has officially entered its final sprint stage.

280 million euros of ballast stones

The latest progress of this project is essentially a crucial financial recovery. In the second half of 2024, the testing phase of the line was forced to come to a halt due to the inability of the municipal authorities to pay the project fees to the contractor Gulermak Nurol joint venture.

The 110 million euros in funding from EBRD this time is not an isolated aid, but a continuation of its previous investments - the bank had previously provided 97.5 million euros and 75 million euros in 2018 and 2022, respectively. At this point, EBRD has taken on the majority of the financing responsibilities for the project. This fund will be directly used to pay the outstanding engineering fees and remaining mechanical and electrical commissioning costs, ensuring that the project will not be left unfinished due to cash flow disruptions.

Eight year tug of war

The birth history of this underground dragon is full of twists and turns:

August 2017: The project was officially launched, jointly constructed by Gulermak and Nurol.

January 2018: Due to budget constraints, the project was fully suspended for the first time.

In 2022, with the support of EBRD funds, work resumed and additional loans were obtained that year.

March 2024: The line enters the trial operation phase, and victory seems within reach.

At the end of 2024, the project was suspended for the second time due to payment breach by the owner.

October 2025: With the arrival of new funds, the construction will be fully restarted.

This tumultuous process reflects the vulnerability of large-scale infrastructure projects to macroeconomic fluctuations, and the continuous infusion of EBRD has become a key variable for project survival.

Green commuting directly connected to the financial center

Setting aside engineering setbacks, the operational value of this line is extremely high. As the backbone line of Istanbul's Asian side, its 11 stations accurately cover high-density residential areas, core commercial areas, and an important medical institution.

More importantly, this line is the first subway to directly reach Istanbul's financial center, which is crucial for supporting business operations in the region. Meanwhile, this project is a core component of Istanbul's Green City Action Plan - directly addressing the commuting pain points of this congested city by providing low-carbon, high-capacity rail transit as a replacement for private cars. Keywords: transportation, subway, rail transit

As the December opening date approaches, this delayed underground artery will finally begin to supply blood to the city.Editor/Cheng Liting