The construction of the third bridge in Istanbul is to start by May, as seven Turkish banks agree on supplying a total of $2.4 billion for 10 years of funding, İbrahim Çeçen, chairman of the IC İçtaş company that was part of the winning consortium, announced reports Hurriyet. 

“The project preparations have begun and the loan agreement with seven banks is at a final stage so we plan to get the approval of the Treasury in April to lay the foundation of the bridge in May,” the chairman said.

The construction of the third Istanbul bridge was awarded to the Turkish-Italian venture İçtaş-Astaldi construction consortium. They will complete the construction of the bridge in 36 months at a total cost of about $4.5 billion. The bridge should be ready for use by the end of 2015, Turkish Transportation Minister Binali Yıldırım has said. 

By setting a precise date and sharing the details of project proceedings, Çeçen cleared the worries aroused after no loan agreements with banks were reported to the public since the tender was established nor were there any signs of construction beginning.