Regions

An Astaldi SpA-led unit constructing a 1.3 kilometer equivalent to 0.8 mile bridge raised US$2.3 billion. The bridge was being built over Turkey's Bosporus. Astaldi obtained the money from project financing, as stated by three people acquainted with the issue.

The conglomerate raised the 10-year debt from Turkiye Garanti Bankasi AS, Turkiye Is Bankasi AS, Turkiye Vakiflar Bankasi TAO, TC Ziraat Bankasi AS, Turkiye Halk Bankasi AS, Akbank TAS and Yapi & Kredi Bankasi AS. The said seven banks in Turkey would back building of the intersection and 60 kilometers of connected roads.

The Turkish administration selected the group last year. Aside from Astaldi SpA, the conglomerate's other groups were IC Ictas Insaat Sanayi & Ticaret AS. The US$3 billion worth of project would focus on constructing the third bridge over Bosporus waterway. This canal divided Istanbul into two sides.

The banks were supposed to make the financing official this month. The payments would begin after a two-year enhancement period.

The parties involved decline to comment on the financing.