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Türkiye Secures Major Financing for Istanbul Rail Link
(MENAFN) Türkiye has obtained €1.67 billion ($1.98 billion) in funding from the World Bank to support a significant railway initiative in Istanbul, according to the Treasury and Finance Ministry.
The investment will finance the construction of a 127-kilometer (78-mile) railway route connecting the city’s Asian and European sides, providing an additional passage across the Bosphorus Strait.
"This project is a strategic and transformational investment for Türkiye," said Humberto Lopez, World Bank country director for Türkiye, in a statement Tuesday. "By removing a critical rail bottleneck at the Istanbul Strait and enhancing the resilience and efficiency of rail infrastructure, Türkiye is boosting its competitiveness and reinforcing its role as a logistic hub.”
Designed to bypass central Istanbul and facilitate smoother transit between Europe and Asia, the railway is projected to transport 33 million passengers along with 30 million tonnes of cargo each year.
The route will link key locations including Gebze, Sabiha Gokcen Airport, the Yavuz Sultan Selim Bridge, Istanbul Airport, and Halkali, with approximately half of the track planned to run underground through tunnels.
According to the World Bank, the development is anticipated to create up to 414,000 higher-quality jobs, including as many as 99,000 new positions, while also benefiting sectors such as manufacturing, agriculture, and services.
Treasury and Finance Minister Mehmet Simsek noted that funding secured under advantageous conditions so far this year has reached approximately €3 billion ($3.47 billion).
The investment will finance the construction of a 127-kilometer (78-mile) railway route connecting the city’s Asian and European sides, providing an additional passage across the Bosphorus Strait.
"This project is a strategic and transformational investment for Türkiye," said Humberto Lopez, World Bank country director for Türkiye, in a statement Tuesday. "By removing a critical rail bottleneck at the Istanbul Strait and enhancing the resilience and efficiency of rail infrastructure, Türkiye is boosting its competitiveness and reinforcing its role as a logistic hub.”
Designed to bypass central Istanbul and facilitate smoother transit between Europe and Asia, the railway is projected to transport 33 million passengers along with 30 million tonnes of cargo each year.
The route will link key locations including Gebze, Sabiha Gokcen Airport, the Yavuz Sultan Selim Bridge, Istanbul Airport, and Halkali, with approximately half of the track planned to run underground through tunnels.
According to the World Bank, the development is anticipated to create up to 414,000 higher-quality jobs, including as many as 99,000 new positions, while also benefiting sectors such as manufacturing, agriculture, and services.
Treasury and Finance Minister Mehmet Simsek noted that funding secured under advantageous conditions so far this year has reached approximately €3 billion ($3.47 billion).
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