The European Bank for Reconstruction and Development (EBRD) will provide credit up to 80 million euros ($97.2 million) to the Izmir Metropolitan Municipality for its metro project, a statement by the bank said Tuesday.

The proceeds of the loan will be used for the construction of the Buca metro line, including 11 stations, a warehouse building and 19.5 kilometers (12 miles) of the metro line (13.5 kilometers mainline and 6 kilometers of access tunnels), the statement said.

The cost of the total project is 652 million euros. The final approval for the loan, whose concept review process was completed, is planned for Feb. 24, 2021.

The EBRD statement noted that the project is part of the Green City Framework 2 (GrCF2) Window II, "which provides a strategic and multi-project approach targeting environmental issues in selected large cities in the bank's countries of operation."

"The primary goal is to achieve significant environmental improvements and promote the green transition quality within the relevant cities," it added.