Please sign as soon as possible

Mayor of Istanbul Metropolitan Municipality (IMM) Ekrem Imamoglumade a call to the Minister of Treasury and Finance Nureddin Nebati, who did not approve the 75 million euro additional loan they received from the European Development Bank for the Ümraniye-Ataşehir-Göztepe metro line, which will largely solve the transportation problem of Finans City, which will house the state’s financial institutions.

Imamoglu said:This endorsement is not a Treasury guarantee. We expect him to dip the pen in ink and sign. Despite the lack of that loan for 9 months, we have been continuing our business with a great struggle from our own resources,” he said. Stating that President Recep Tayyip Erdoğan may not be aware of the process, İmamoğlu said, “I am informing the Honorable President on this occasion. Let the ministers be aware of their delays in this matter.‘ he said.

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İBB President Ekrem İmamoğlu held a meeting on “Finance City” today at Göztepe Station of the Ümraniye-Ataşehir-Göztepe metro line, which will largely solve the transportation problem of the Finance City, which will house the state’s financial institutions. Making a statement after his evaluation meeting with Kadıköy Mayor Şerdil Dara Odabaşı, Ataşehir Mayor Battal İlgezdi and İBB Deputy Secretary General Pelin Alpkökin, İmamoğlu stated that the station is a construction site for Finans City. Stating that it is predicted that there will be more than 100 thousand employees in Finans City, İmamoğlu noted that the daily traffic of the region is expected to be very intense. Emphasizing that the metro will be the healthiest means of transportation for such a center in this context, İmamoğlu summarized the establishment and construction process of Finans City, which took about 10 years.

Imamoglu said:


  • Finance City, which started to be built without the necessary planning, will include public institutions such as the Central Bank, Banking Regulation and Supervision Agency (BDDK), Capital Markets Board (SPK), Ziraat Bank, Halkbank and Vakıfbank. I remember it stopped for a long time. The process of moving was also mentioned, such as the end of summer, September, and October. Of course, there are a few issues here. What are some topics? One is transportation. Most important. In other words, land transportation and metro transportation. But the one that will take the biggest load is the metro transportation. Regarding road transportation, the process had to be managed very well and in harmony with both our Metropolitan Municipality and district municipalities. In this context, I gave instructions to our Secretary General and with our 4 mayors; I wanted them to meet with our mayors of Ataşehir, Kadıköy, Ümraniye and Üsküdar. Our mayor friends also declared to us that they would continue negotiations with the ministry on this issue.


  • The line started in 2017. A study was done. But the company stopped the process. Because there is no allowance, no credit. There was no work. Then it didn’t work for a long time. It actually stopped as it started in 2017. Then, as you know, in 2018, the entire place was canceled with a signature. Then this cancellation was withdrawn and it was decided to start again. However, the contractor companies did not walk here because they did not have an allowance. This is a consortium. When we took office, this was one of the first lines we were interested in. The reason is Finance City. We said, ‘We need to provide a quick boost there,’ and we quickly predicted that this place should catch up with the rate. This was the first of the lines where we made our first financial negotiations and we obtained a financing of 175 million Euros. With this 175 million euro financing, we started our contractors. How did we start? In this process, which we started again in October 2019, the completion rate of the work we took over was approximately 4 percent. So buying with 4 percent actually means starting almost from scratch. We are now above 55 percent. In this process, while continuing our work, we also solved the vehicle problem here. At the moment, the production of the vehicle problem has started. We bought 40 vehicles here.


  • The line in question needs new financing. Due to this financing need, we had another meeting with IBRD, the institution from which we previously borrowed. We have reached a preliminary agreement regarding the purchase of an additional loan of 75 million euros. For this compromise, we needed to get permission to get a loan here. We unanimously removed it from the IMM Assembly and applied to the Ministry of Finance. How long ago? Exactly 11 months ago. And in January, this signature file came before the Minister of Finance. In other words, our approval has been waiting for signature in front of Mr. Nabati for 9 months. What is this confirmation, you know? It’s just an endorsement with no treasury guarantee. In other words, we expect him to dip his pen in ink and sign it for 9 months. Although that loan has not been received for 9 months, we continue our business here from our own resources, with a great struggle.
  • But there can be no reason, reason or reason for not signing this. In other words, we are building subways to the institutions of this country. The institution of this country produces metro. Ekrem İmamoğlu is at the head of İBB today, and someone else is at the head of it tomorrow. Yesterday was someone else. In other words, every service rendered is done for Istanbul. Why would a minister refuse this? Mr. Nabati, why do you avoid this? In Istanbul, the Ministry of Transport is building metro lines. God bless, of course he will. İBB is building metro lines. Of course we will. We will do it together. Despite all your means, you are nailing us while building the subway, saying, ‘Oh, don’t do business’.


  • Some ministers claim that the metro works in the hands of IMM are not working. All 10 of our 10 metro lines are working hard. This year, we will open our 3 metro lines. Our Ümraniye-Ataşehir-Göztepe metro line is also running, but you are preventing money from entering this country with the loan we received. In other words, 75 million euros will come from the European Development Bank, you are preventing this. It doesn’t seem mind-blowing. What’s wrong with us? This is the city’s reaching the highest level of rail systems as soon as possible.


  • Look, I want to give an example. I want this to go to your ears. For example, the previous Minister of Transport, Mr. Turhan, made a statement about transportation: ‘Istanbul Airport metro will be finished at the beginning of 2020’. The new Minister also makes a statement that ‘it will end in May 2021’. Today we are coming towards the end of 2022 and now they are saying ‘it will open at the beginning of 2023’. Look, every delayed job hurts us. Every delayed process hurts us. We want the Istanbul Airport metro to be connected to the city as soon as possible. Likewise, this financing is needed in order to fulfill our responsibility in meeting the needs of Finans City. Any delay here means this place doesn’t work. Who will not work? Central Bank’s business will not work here. BRSA’s business will not work here. SPK’s work will not work. The works of Ziraat Bank’s General Directorate will not work. The works of Halk Bank, Vakıfbank’s general directorate will not work here.

“Maybe the President does not know about this calendar”

  • It reaches me that they are preparing to move here. They won’t be able to come and go to work. Mr. Nebati, please sign this permit, our 75 million euro permit, immediately. This is not your political decision. Maybe the President is not aware of this calendar. Maybe, in his intensity, Mr. President is not aware of the process here. I hereby inform the Honorable President. Let the ministers be aware of the delays in this matter. They are very proud of this place as ‘Finance City’. Our intensive work on getting this place to the metro quickly is being blocked. After the 75 million euro loan, maybe we will get another loan.
  • Maybe we need one more. We speak for him. It is obvious that most of the subways are running with such a financing need. Even in the metro of the airport, where the central government of our country is struggling with all its means, there is a delay of two years. So we don’t want to be late. In the commitments we made to our people, we said, ‘We will open this place in the first six months of 2024’. We will still continue our work. In any case, we will continue. Please, Mr. Minister, sign as soon as possible so that we can solve the transportation problem of the Finance City, which you see behind us, on behalf of the people of Istanbul and our country.

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