Turkey Secures Financing for Major Istanbul Rail Link from World Bank
The agreement was finalized on Tuesday between Turkish Treasury and Finance Minister Mehmet Şimşek and Anna Bjerde, the World Bank’s managing director of operations, during the International Monetary Fund and World Bank Spring Meetings in Washington.
Şimşek described the deal as one of the largest projects ever approved by the World Bank, noting that the broader project is supported by a total financing package of $8.1 billion, with around 83% provided by international financial institutions.
He said the agreement “provides financing, strengthens standards and sends a clear signal of confidence to global markets.”
The INRAIL project will involve the construction of a 127-kilometer (78.9-mile) electrified, high-capacity railway line designed to cross the Bosphorus via the Yavuz Sultan Selim Bridge.
The route is intended to bypass Istanbul’s densely populated urban center while improving freight and passenger transport efficiency.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
