Swiss expertise for international infrastructure
The Nakkaş–Başakşehir motorway project brings together innovative BOT structures , Swiss involvement and a multi-award-winning financing solution. Swiss Export Risk Insurance SERV helped turn this project into reality by providing buyer credit insurance.
Nakkaş–Başakşehir is the strategically important final stretch of eight in the Northern Marmara Motorway, linking key industrial and logistical centres in the European part of Istanbul. This section of motorway, measuring roughly 31 kilometres, includes various tunnels, viaducts and junctions, plus an impressive 860-metre cable-stayed bridge crossing the Sazlıdere valley. The objective is to ease traffic congestion in Istanbul, efficiently redirect transit routes and thus significantly reduce environmental and noise pollution in the urban area.
The innovative approach to sustainability merits special mention: digital toll systems, LED street lighting and a 2 MW solar energy generating system along the stretch of road will actively contribute to reducing greenhouse gas emissions. The new motorway system and the additional measures described have the potential to reduce emissions in Istanbul’s transport network.
SERV has been key to Swiss involvement
Securing project financing for a 1.5 billion euro roadbuilding project in an emerging economy like Türkiye is no mean feat. The project financing of 1.1 billion euro, with a term of just under 15 years, was supported by international financiers and lenders backed by ECAs. SERV played a decisive role in insuring a sizeable share of the project financing, making a key contribution to covering Swiss exports, most significantly the services of Heitkamp Construction Swiss. The Swiss contract value totalled 31.7 million euro and Swiss contracting partners from the construction, energy and automation technology, and construction machinery industries were involved as subcontractors.
SERV’s tranche was also reinsured by Polish export credit insurer KUKE. SERV once again demonstrated its central role in the insurance of major international infrastructure projects and in the targeted promotion of the Swiss export sector. Throughout the entire duration, the project was supported by a SERV team made up of risk analysis, sustainability, legal, project financing and infrastructure project representatives. The experts agree that bringing the motorway project to life was challenging, but also very exciting and varied.
“One particular challenge was stakeholder management, given the complex and constantly evolving situation with sponsors and the diverse interests of the large creditor community,” describes Vira Tsymbalyuk, a SERV expert in project financing and infrastructure projects.
BOT model – private infrastructure development
The Nakkaş–Başakşehir project was developed under a BOT (Build–Operate–Transfer) model. That means private investors undertake the building and operation, and subsequently transfer the infrastructure over to the state. This model allows major infrastructure projects to be undertaken without placing an immediate strain on public finances; it is commonly adopted in emerging economies to mobilise private finance for public projects.
Awards and international recognition
The project has already won multiple awards: PFI Global Infrastructure Deal of the Year at the Project Finance International Awards 2024, and the TXF Export Finance Award for Social Infrastructure Export Finance Deal of the Year.
“These accolades underline not just the quality and innovativeness of the project structure, but also the significance of the international cooperation between financial institutions, export credit agencies and industrial partners,” concludes Tsymbalyuk.
The Nakkaş–Başakşehir project illustrates once again how the Swiss export industry can be involved in major foreign projects – in a way that is stable, protected and forward-looking.
