Turkey has reached a preliminary agreement with international lending institutions for a $6.75 billion financing for a major railway project linking Europe and Asia.
Turkey has secured a preliminary agreement with several international lenders, including the World Bank, to provide $6.75 billion in funding for one of its largest railway projects to date. According to the Turkish Ministry of Transport and Infrastructure, the new 125-kilometer northern circular railway line will facilitate the transport of passengers and goods between HalkalΔ± on the European side of Istanbul and the industrial region of Gebze on the Asian side.
The project is poised to enhance connectivity by crossing the Bosphorus Strait via the Yavuz Sultan Selim Bridge, effectively linking the city's main airports and alleviating the congestion currently experienced on existing high-speed rail lines. Bloomberg reports that this project will mark the largest externally funded railway initiative in Turkey's history, highlighting the significant investment in infrastructure intended to bolster economic growth and regional connectivity.
The agreement involves several notable financial institutions, including the International Bank for Reconstruction and Development, the Asian Infrastructure Investment Bank, the Asian Development Bank, the Islamic Development Bank, the European Bank for Reconstruction and Development, and the OPEC Fund for International Development. However, detailed terms and the full scope of the agreement have yet to be disclosed, suggesting further developments may be anticipated as the project proceeds.
