World Bank Loans Turkey $2 Billion for Landmark Rail Project

The World Bank has approved a $2 billion loan to Turkey for constructing a new railway line across the Bosphorus. This project is a part of a broader initiative by six Multilateral Development Banks, providing $6.75 billion in total financing. Expected passenger traffic is 33 million annually.

The World Bank announced on Tuesday its approval of a substantial $2 billion loan to Turkey, aimed at supporting the construction of a new railway line across the Bosphorus, marking the nation's largest foreign-financed railway endeavor to date.

This financial backing is part of a concerted effort by six Multilateral Development Banks to fund the Istanbul North Rail Crossing Project (INRAIL), with $6.75 billion committed to the venture. The World Bank highlighted the project's significance in a formal statement.

Abdulkadir Uraloglu, Turkey's Transport Minister, stated in February that upon completion, the northern Istanbul rail line is projected to accommodate 33 million passengers and transport 30 million tonnes of freight each year.

(With inputs from agencies.)