Türkiye is close to finalizing an agreement with the World Bank for a $4 billion railway project across the Bosphorus Strait, Türkiye’s Transport and Infrastructure Minister Abdulkadir Uraloglu announced.
According to Bloomberg’s Firat Kozok, Uraloglu stated, “We are very close to finalization” for a loan package of up to $3 billion or €3 billion, with technical details still under negotiation.
Once the agreement is finalized, Türkiye is expected to collaborate with the World Bank to conduct an auction for the construction of the project, likely in early 2025.
Previously, Türkiye held discussions with the United Arab Emirates regarding financing for this initiative, following a significant $51 billion investment pledge from the Gulf nation.
Linking Europe to Iraq
Uraloglu also indicated that the European Bank for Reconstruction and Development and the Asian Infrastructure Investment Bank may contribute to the funding.
The proposed railway will cross the Yavuz Sultan Selim suspension bridge, one of the longest and widest in the world, built at a cost of $3 billion under Turkish President Recep Tayyip Erdogan.
The new railway project is a key component of the Development Road initiative, which aims to connect Iraq to Europe.
