ANKARA
The Turkish company building Istanbul's new international airport said on Thursday that it had signed a Memorandum of intention with Russia's largest bank Sberbank for its financing.
A fund of 500 million euros ($570 million) will be available to construction company IGA Havalimani Isletmesi A.S., via Turkey’s Denizbank, which is owned by the Sberbank group.
The deal, which will be over a 16-year period, was signed at the St. Petersburg International Economic Forum by Sergey Gorkov, deputy chairman of Sberbank and IGA Airport Management Mehmet Cengiz, Nihat Ozdemir and Jamal Kalyoncu.
"We are pleased that we will finance the reconstruction and operation of the world's largest airport, which is a regional hub with an expected annual passenger traffic of 150 million people," Gorkov said.
The new airport - expected to establish a world record annual capacity of 150 million passengers - will be located between Tayakadin and Akpinar villages near the Black Sea on the European side of Istanbul - about 35 km from Ataturk Airport.
According to the IGA website, the airport will contribute 22.2 billion euros ($25.3 billion) over 25 years to the Turkish state. It is estimated that 100,000 people will be directly employed at the airport, while 1.5 million others will be employed in sub-sectors.
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