Rönesans Holding, a leading Turkish construction and investment company, has announced the financial closing for the Nakkaş-Başakşehir section of the €1.43 billion Northern Marmara Motorway Project near Istanbul, Türkiye.
The Nakkaş-Başakşehir section is a critical component of Istanbul’s east-west connectivity strategy. It will bypass the city’s congested road network to the north, providing an additional dual carriageway between Asia and Europe.
The new motorway will enhance access to Istanbul’s new airport via a toll road, linking the western and northern districts of the city. The project aims to reduce travel times, lower transportation costs, and improve road safety.
The 31.3km toll road includes a 1.6km cable-stayed bridge, multiple overpasses and underpasses. Advanced tolling systems and sustainable construction techniques are key components of the project.
Erman Ilıcak, President of Rönesans Holding, says: “We’re proud to be setting a new standard for transportation in Türkiye with the Nakkaş-Başakşehir Project. Not only will the motorway drastically cut travel times for individuals and businesses in Istanbul, it will also take the country’s sustainable development to the next level.”
Rönesans and Samsung C&T lead consortium
The project is being developed under a Build-Operate-Transfer (BOT) model, led by Rönesans Holding. The consortium includes international partners such as Samsung C&T Corporation, Korea Overseas Infrastructure & Urban Development Corporation (KIND), and Korea Expressway Corporation.
Se Chul Oh, President and CEO of Samsung C&T, adds: “This project is expected to enhance economic cooperation between the two countries. We will keep this momentum going to create additional cooperative opportunities in Türkiye, CIS and Eastern European markets.”
The project is fully financed by international institutions, including the European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB), and the Islamic Development Bank – Islamic Corporation for the Development of the Private Sector (IsDB – ICD).
European export credit agencies Atradius and SERV, along with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and a consortium of commercial lenders, are also providing financing.
