Turkey’s administration to sell 51 percent of third Bosporus Bridge to Chinese consortium

Within the framework of privatization process the government has already sold many major and important establishments / production facilities to private and/or foreign companies to generate revenues for the budget.

Most of these revenues were invested in infrastructure projects and construction mainly.  This fact has often been criticized by economy experts and the opposition as it has given harm to manufacturing capacity of Turkey as well as employment performance.

This time the the AK Party government has decided to sell 51 percent of third Bosporus Bridge to a Chinese consortium. Said group will take 51 percent of Eurasian motorway companies with the third bridge.

On the other hand, Italian Astaldi has applied to the competition board for the transfer of his shares in the third Bosphorus Bridge and Marmara motorway to IC Ictaş construction.

Regarding the issue a statement by the Chinese Anhui Expressway provided following information:   “China Merchants Expressway, CMU, Zheijiang Expressway, Jiangsu Expressway, Sichuan Expressway and Anhui Expressway will form a partnership. Members of the consortium will inject $688.5 million in capital into the partnership. The partnership will buy 51% of the third Bosphorus Bridge and the Northern Marmara motorway. The partnership will acquire 51% of the Eurasian Highway investment and Enterprise”.