Turkey gets $1.9bn from World Bank for Asia-Europe rail link

Turkey has secured €1.7 billion ($1.9 billion) from the World Bank for the planned Istanbul North Rail Crossing (Inrail), which aims to strengthen freight and passenger connections between Asia and Europe.

The deal is the third-largest project approved by the global development institution, finance minister Mehmet Simsek said.

Inrail is backed by $8.1 billion in financing, nearly 83 percent of which comes from international bodies, the state-run Anadolu news agency reported.

Inrail involves the construction of a 127km electrified high-capacity railway crossing the Bosphorus Strait and connecting Istanbul’s two airports, bypassing the city’s metropolitan area.

Simsek said the project will remove one of the “most critical bottlenecks” along the Middle Corridor, the fastest trade route connecting Beijing to London, with a transit time of only 18 days.

Once operational, the project is expected to increase annual rail freight capacity across the strait from 3 million tonnes to 50 million tonnes. 

Inrail will create higher-income employment for over 400,000 workers, the minister said.

In February, Anakara secured around $6.75 billion from six international financial institutions to help fund the railway project.

Turkey’s transport infrastructure development has attracted $355 billion in investment over the past two decades, including $180 billion in road projects and airport expansion.

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