To see how urban migration is transforming Turkey, just look at Istanbul. Since 1990, its population has more than doubled to 16 million—turning it into one of the world’s most congested cities, a place where morning commutes take hours and 2 am traffic jams are common.
All that waiting takes a massive bite out of productivity. But it’s something IFC is working to change with $120 million in financing for a new metro line between two densely populated Istanbul districts, Kabatas and Mecidiyekoy. When it opens in late 2018, the new line is expected to speed travel times and encourage people to leave their greenhouse-gas emitting cars at home.
The new metro line is part of a larger push by IFC to foster the development of sustainable cities. Last year IFC provided $800 million in Europe and Central Asia to support public transit, energy efficiency, and climate-smart construction.