Turkiye: North Marmara Highway - Nakkas-Basaksehir BOT Project (AIIB-000467)

  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Specific Location
Istanbul, Nakkas, Basaksehir, Arnavutköy, Buyukcekmece
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Nakkas Otoyol Yatirim ve Isletme A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Construction
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 134.99 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 125
Converted using 2023-08-24 exchange rate.
Loan Amount (USD)
$ 134.99 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR125 million
Converted using 2023-08-24 exchange rate.
Project Cost (USD)
$ 1,295.88 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 1200
Converted using 2023-08-24 exchange rate.
Primary Source

Original disclosure @ AIIB website

Updated in EWS Aug 31, 2023

Disclosed by Bank Aug 24, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the AIIB, the objective of the project is to improve Istanbul's connectivity and alleviate its traffic load by developing, building and operating a new toll road corridor under a build-operate-transfer concession.

The North Marmara Highway (NMH) is a 438-kilometer dual carriageway toll road connecting Asia and Europe through the Yavuz Sultan Selim (YSS) Bridge that provides uninterrupted traffic flow across the Bosporus strait. NMH was developed as an alternative route to the European Road 80 also known as Trans European Motorway. The first seven sections of the NMH, including the YSS Bridge, have been completed and are under operation.

The Project is the eighth section of the NMH, currently under development. It comprises a new toll road linking the Nakkas and Basaksehir junctions, and connecting the districts of Arnavutkoy, Buyukcekmece and Basaksehir, on the European side of Istanbul. The 4-lane dual toll road's total length is 30.64 Km, including connecting roads, a 1,619m long cable-stayed bridge at Sazlidere, 18 overpass bridges, 18 underpasses, 10 interchanges, and 5 viaducts.

The Project is part of the General Directorate of Highways's Development Program. It has a total cost of over EUR1.2 billion and a concession term of 20 years, including both the construction and operations phases. The Project's BOT Agreement contemplates a minimum guaranteed annual average daily passenger car unit volume.

The Project was awarded on June 30, 2020, through an open tender process organized by the General Directorate of Highways to a subsidiary of Ronesans Holding A.S., a diversified holding company with activities in construction, real estate development, energy, and healthcare. The implementation agreement was entered on April 13, 2021. A dedicated long-term investment vehicle managed by Meridiam SAS, a global infrastructure asset manager incorporated in France, is considering investing in the Project. The Project entity and Borrower of the loan is Nakkas Otoyol Yatirim ve Isletme A.S..

Upon completion, the Project is expected to significantly enhance economic activity of the Istanbul region and contribute to its socio-economic development. As an integral part of the NMH, the Project will also contribute to enhance the east-west road connectivity of the Marmara Region with Europe, as well as with Central Anatolia and the Aegean regions, where the majority of Turkiye's industrial activity concentrates. Given its urban nature, the Project is expected to positively impact the city's road network and facilitate its decongestion. Positive effects such as higher vehicle average speeds, shorter journey times, reduced greenhouse gas emissions, and improvement in overall road safety conditions are expected.

The Project will also contribute to the uptake of electric vehicles (EV) through the provision of EV charging stations, apply energy efficient technologies like LED lighting and LED information panels, and implement a smart motorway management and monitoring system to support the efficient operation and maintenance of the highway.

The Project incorporates climate change resilience and geotechnical factors in the design of the road and the cable-stayed bridge. Improved design applications, such as elevation of ground level, use of stone mastic asphalt and increased culvert and drainage capacity will improve the climate resilience of the Project in the face of extreme heat, flood, landslide, winds, and wildfires, among other incidents. The evaluation of climate resilience aspects was done in accordance with the Joint MDB Methodology for Tracking Adaptation Finance.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Nakkas Otoyol Yatirim ve Isletme A.S. is the company established and then appointed by the General Directorate of Highways to implement the Nakkas - Basaksehir Motorway Project.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Nakkas Otoyol Yatirim ve Isletme A.S. Client Infrastructure

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

AIIB Team Leader:

Francisco Fortuny - Senior Investment Operations Specialist
Email: fj.fortuny@aiib.org

Borrower - Nakkas Otoyol Yatirim ve Isletme A.S.:

Address: NMM Construction Site, Muratdere Caddesi No. 134/2, Sahintepe Mahallesi Basaksehir, Istanbul
Website: http://www.nakkasotoyolu.com/tr/

Mehmet Cihan Deger - Deputy General Manager
Email: cihan.deger@mras.com.tr

Nilgul Pelit - Social Manager
Email: nilgul.pelit@mras.com.tr


You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html


The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html

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