Construction of 'K-Expressway' in Turkey... Korean Consortium Wins 580 Billion Won Contract

Korea Expressway Corporation announced on the 21st that the Korea-Turkiye joint consortium has secured the contract at the financing agreement ceremony for the Nakas-Ba?ak?ehir Road Investment Project held in Turkiye on the 18th.

On the 18th, officials are taking a commemorative photo after the Nakas-Basaksehir Road Investment Project Financial Agreement Ceremony held at the Peninsula Hotel in Istanbul, Turkey. / Photo by Korea Expressway Corporation

The event was attended by top-level officials of the Turkiye government including President Erdo?an, representatives from international financial institutions such as the European Bank for Reconstruction and Development (EBRD) and the Islamic Development Bank (IsDB), the lead project manager Renaissance, and senior officials from the Korean consortium including Korea Expressway Corporation, Samsung C&T, Korea Overseas Infrastructure & Urban Development Corporation (KIND), and KDB Infrastructure Asset Management.

The Nakas-Ba?ak?ehir road project is the final section of the maintenance project for eight arterial roads around Istanbul, located in the northern Marmara Sea region of Turkiye. It is planned to be constructed as a 31.3 km long highway with 4 to 8 lanes. The project is being promoted as a public-private partnership (PPP), with a total investment of 2.1 trillion KRW (approximately 1.6 trillion KRW in project financing and 440 billion KRW in private investment). Construction will be completed over 2 years and 4 months, followed by private operation for 15 years and 6 months before being transferred to the Turkiye government. Among the Korean consortium, Samsung C&T will participate in construction alongside the lead manager Renaissance, and Korea Expressway Corporation will participate in private operation after completion.

This contract will be the first road project in which the government policy fund KIAMCO PIS Fund participates as an equity investor. The Korean consortium will achieve new overseas orders worth 580 billion KRW including construction and operation.

Ham Jin-gyu, President of Korea Expressway Corporation, said, "This project is the largest overseas investment project Korea Expressway Corporation has participated in and is expected to serve as a foothold for advancing into developed markets such as Europe. Based on the corporation’s high credibility and negotiation power, we will secure opportunities for private companies to expand overseas and strive to widely promote Korea’s excellent K-Road technology to the world."

This content was produced with the assistance of AI translation services.