Turkey's top administrative court has suspended the privatization of nine highways and two Bosphorus bridges, the state-run Anatolian Agency said on Tuesday.

- 20 / 08 / 2008 08:27

Turkey's top administrative court has suspended the privatization of nine highways and two Bosphorus bridges, the state-run Anatolian Agency said on Tuesday.

The decision by the Council of State is a further blow to the government's privatization plans, which have been stalled this year due to the global credit crunch and domestic political tensions.

Turkey had been planning to start the long-awaited sale of the roads and bridges in May or June 2008, but had to delay due to poor market conditions.

Istanbul’s Bogazici (Bosphorus) and Fatih Sultan Mehmet bridges, which connect the city’s European and Asian sides are the ones planned to be privatized within the program of privatizing of Turkey’s highway and bridge network.

The High Board of Privatisation decided on the privatisation of the roads and bridges through transfer of operational rights on April 19, 2007.

Privatisation is one of the main sources of foreign direct investment, which Turkey needs to offset a gaping current account deficit.