Izmir, Turkey, December 10, 2012—
IFC, a member of the World Bank Group, is providing Izmir Metropolitan Municipality a senior loan of up to €45 million to help the city finance a traffic management system and purchase new emergency vehicles, promoting economic growth by increasing urban mobility and enhancing public safety and security.
The traffic management system includes the installation of a traffic adaptive signal control system covering several hundred intersections, an expanded fiber optic network, and the construction and operation of a traffic control center. In addition, the loan will finance the purchase of over 100 emergency response vehicles and related search and rescue equipment.
Izmir Metropolitan Municipality Mayor Aziz Kocaoglu said, “The intelligent traffic system will modernize traffic management in the city and make life easier and safer for our citizens. The new emergency response vehicles will increase the capacity of our fire department to respond to emergencies. These projects are another important step in our strategy to position the wonderful city of Izmir as a competitive, sustainably developed global city.”
Dimitris Tsitsiragos, IFC Vice President for Europe, Middle East and North Africa, said, “This investment is part of IFC’s strategy to step up its support to local governments in Turkey by providing access to long-term financing and to help implement urban infrastructure projects that will improve the lives of Turkish citizens.”
Turkey’s main port on the Aegean coast, Izmir and its nearly 4 million inhabitants constitute the third-largest of the country’s 16 metro municipalities.
IFC has been supporting private sector development in Turkey for over 45 years, and Turkey is the fourth-largest country in IFC’s global portfolio. From 2008 to 2011, IFC invested $2 billion in new commitments in 47 projects, and mobilized $1.7 billion through other financial institutions.
In fiscal year 2012, IFC invested $450 million in 13 projects in priority areas in Turkey, supporting exporters, micro, small and medium enterprises, renewable energy, energy efficiency, cleaner production and energy security, health, infrastructure, trade finance, and Turkish companies investing in the region and beyond.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit