Bank Hapoalim and Bank Leumi each agreed to loan NIS 140 million to Citypass, the consortium building and operating the initial Red Line of the Jerusalem light rail, in the first installation of a total funding pact worth about NIS 2 billion, the project's manager said Sunday.
Citypass will receive EU290m. as a short-term loan to be returned over three years. An additional EU70m. will be provided for 23 years. Once operational, NIS 1.4b. will be paid to Citypass to cover construction costs for the line, which will be transferred to full state ownership after running for 27 years. Citypass had invested NIS 50m. in planning and arranging permits.