Turkish Tunnel Lands $1.4B From European, Asian Lenders

Law360, New York (December 12, 2012, 7:40 PM EST) -- The European Bank for Reconstruction and Development on Tuesday topped off a $1.4 billion financing package for the Eurasia Tunnel, a project that aims to link the two halves of Istanbul across the Bosphorus and sets the stage for increased foreign investment into Turkey's infrastructure.

The 5.4 kilometer tunnel is intended to relieve traffic congestion in Turkey's biggest city by providing another commuter route across the Bosphorus, also know as the Istanbul Strait, the narrow waterway that slices through Turkey's upper arm and marks the dividing...
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