Turkey secures $7bn to fund Asia-Europe rail link

Turkey has secured billions of dollars from six international financial institutions to fund a vast infrastructure project.

A preliminary agreement has been reached for $6.75 billion to fund the Northern Railway Crossing Project, a rail line to strengthen freight and passenger connections between Asia and Europe, the state-run Anadolu news agency reported, quoting minister of transport and infrastructure Abdulkadir Uraloğlu.

The funding institutions are the World Bank, Asian Infrastructure Investment Bank, Asian Development Bank, Islamic Development Bank, European Bank for Reconstruction and Development and Opec International Development Fund.

The double-track electrified line will span 126km and connect Istanbul Airport and Sabiha Gökçen Airport by rail.

Uraloğlu said the project will ease passenger and freight traffic on the Marmaray line and will develop the country’s role in transcontinental logistics.

Marmaray, the world’s first underwater passenger and freight rail link between two continents, was opened in 2013.

The project is predicted to carry 33 million passengers and 30 million tonnes of freight annually, the minister said.

• Turkey and Saudi Arabia to sign renewable projects at Cop31
• Turkish business groups criticise austerity measures
• French companies to invest $5bn in Turkey by 2027, minister says