Turkey has signed a financing agreement of 1.67 billion euros with the World Bank for the “Northern Istanbul Railway Crossing” (INRAIL) project, with the aim of strengthening intercontinental trade routes, reports Anadolu.

The agreement was signed by the Turkish Minister of Treasury and Finance, Mehmet Simsek, and the head of operations at the World Bank, Anna Bjerde, during the spring meetings of the International Monetary Fund and the Bank. World Bank in Washington.

Simsek said the agreement is the third largest project ever approved by the World Bank, adding that the project as a whole is supported by $8.1 billion in financing, about 83 percent of which comes from international institutions.

“This agreement provides financing, strengthens standards and sends a clear signal of confidence to global markets,” he said. The INRAIL project involves the construction of a 127-kilometer high-capacity electrified railway line that crosses the Bosphorus via the Yavuz Sultan Selim Bridge, bypassing the Istanbul metropolitan area.

It is expected to significantly increase freight and passenger transport capacity, reduce logistics costs, connect Istanbul’s airports with each other and with the national rail network, as well as improve the main national transport corridors and intercontinental.

Once operational, it is expected that the annual capacity of rail freight through the strait will increase from 3 million to 50 million tons. Simsek said the INRAIL project will eliminate one of the most critical load points along the Middle Corridor, which is the fastest trade route connecting Beijing to London, with a transit time of just 18 days.

“INRAIL is more than a regular rail link,” he said, adding that the project will create higher-income jobs for over 400,000 workers.

Bjerde, for its part, said the agreement will strengthen Turkey’s connection with Europe, Asia and the Middle East, increasing regional and global trade. She added that the economic impact of the project will extend to the manufacturing, agriculture and service sectors.

Transportation infrastructure development in Turkey has attracted $355 billion in investment over the past two decades, including $180 billion in road projects, as well as expanding the airport network.

Railways are the next focus for expansion, with the World Bank playing a key role in these efforts.

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Source: prizrenpost