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Build–operate–transfer (BOT) model is extensively used by many governments throughout the world for the realization of large-scale transportation projects. As a rapidly developing economy, Turkey is also increasingly referring to the use of the project finance model for delivering large-scale transport, energy and healthcare projects. Istanbul, located between Asia and Europe, is one of the most important economic centres of the country. Based on this model, rapid urbanization and population growth are taking place in the city. Growing concerns over the insufficiency of the existing two bridges in meeting the traffic demands of cross-continental transport in Istanbul have urged central and local governments to find a solution for the traffic congestion problem. As a result, the government of Turkey has announced plans for building a new bridge to connect the European and Asian sides in early 2011. The construction of the new Bosphorus Strait Crossing Project which has started in 2012 is expected to be completed by 2015. However, since its launch, the project faced many diverse challenges such as delayed tendering, legal disputes, financial problems and social opposition. This study aims at exploring the problems experienced and the solutions developed as a response to these problems in the implementation and management of the third Bosphorus Bridge and the Northern Marmara Motorway Project using a case study approach. To achieve this objective, necessary data regarding the tendering process were collected from various sources. The conclusion provided at the end of this case study is expected to enhance our understanding of the use of BOT model for transport projects and risk allocation between different actors. Both public and private sector participants that are involved in delivering transport projects using the BOT model may benefit from the findings of this study.
built–operate–transfer, case study, guarantees, risks, toll roads, transportation projects, Turkey
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