The Asian Infrastructure Investment Bank (AIIB) has approved a €300m loan for a rail link connecting Istanbul to the industrial centre of Cerkezkoy in European Turkey.
The European Bank for Reconstruction and Development is co-financing the project with a €150m loan.
The electrified high-speed line will be part of the transport corridor for Europe-Caucasus-Asia, which aims to improve trade and transport in the Black Sea basin, the southern Caucasus and Central Asia.
Supee Teravaninthorn, AIIB’s infrastructure director-general, said: “AIIB’s investment in the project is considered 100% climate mitigation financing and falls under the bank’s transport sector strategy. It is also aligned with AIIB’s thematic priorities of connectivity, regional cooperation and green infrastructure.”
Serhat Köksal, Turkey’s acting director-general of economic relations, said: “When the project is completed, it will be a major step that strengthens our country’s position as a bridge between East and West."
