The Chinese beat the Japanese, British, German and Italian rival bids. The credit needed for the project will be provided by the Chinese government with 2.5% interest and 20 years maturity. Following changes made over construction works the project will commence in 2007 as opposed to original plans for 2005.
The Surat Railway Project developed a fast rail link in 1976-79, however the Ayas tunnel – part of the project – has failed to be completed.
A decision over the second stage of the project is expected to be given in the coming days.
The group consists of seven companies operating in the construction, tourism, energy, machinery and insurance sectors. Ictas Construction, which is also in the consortium and that took part in the Galataport tender, operates within the body of the Cecen Companies Group's IC Holding. The group is also a partner in the management of Antalya Airport’s International Terminal.