UK funds development of fast-speed electrical railway in southern Turkey
Date
7/25/2023 7:49:21 AM
(MENAFN) The United Kingdom said on Monday that it will fund the development of a fast-speed electrical railway in southern Turkey.
The declaration was made by UK Export Finance (UKEF), the UK administration's export credit agency, that has sponsored €781 million (USD872 million) for the project. Ronesans Holding, a Turkish conglomerate, is going to be able to finish a 286-kilometer (177-mile) electrified railway linking the southern provinces of Mersin, Adana, Osmaniye, as well as Gaziantep as a result of the construction.
The railway is estimated to save CO2 emissions by more than 150,000 tons per year.
The agreement is expected to provide new multimillion-pound export contract possibilities for the infrastructure, engineering, as well as project management industries in the United Kingdom.
Turkish Treasury and Finance Minister Mehmet Simsek emphasized the significance of Mersin, Adana, along with Gaziantep as highly industrialized cities with rich cultural roots.
According to Simsek, this initiative will reduce transportation expenses while also shortening travel time across Mersin as well as Gaziantep.
“In this regard, this project is crucial for economic, social, and environmental integration,” Simsek said, “The most important aim of the project is to improve the rail connectivity and create a sustainable alternative transportation scheme in Turkey. We look forward to continuing our fruitful collaboration with new projects on the way of development of Turkey.”
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