The World Bank has officially approved a $2 billion loan to Turkey to support the construction of a new railway line spanning the Bosphorus. This agreement represents the largest foreign-financed railway initiative in the history of the nation.
World Bank approves $2 billion loan for Turkey's railway
The World Bank approved a $2 billion loan for the Istanbul North Rail Crossing Project. This funding is part of a $6.75 billion multilateral financing effort.
Xurve View
Xurve View
The funding is part of a broader, coordinated effort involving six different Multilateral Development Banks. Together, these institutions are providing a total of $6.75 billion in financing for the Istanbul North Rail Crossing Project, commonly referred to as INRAIL.
According to a statement released by the World Bank, the approval of this loan is a cornerstone of the multi-bank financial package. The project aims to significantly enhance the transit capacity between the European and Asian sides of Istanbul.
Transport Minister Abdulkadir Uraloglu previously highlighted the strategic importance of the development. Once the line is fully operational, it is projected to facilitate the transport of 33 million passengers and 30 million tonnes of freight on an annual basis.
