A green financing deal worth 1.24 billion euros ($1.40 billion) for the Turkish Finance Ministry has been signed to fund the development of a new high-speed railway line in northwest Turkey, Standard Chartered Bank said.
The 200-kilometer (125-mile) railway track being developed by Turkey’s Ministry of Transport and Infrastructure via the General Directorate of the Infrastructural Investment (AYGM) is part of Turkey’s strategic vision to improve national transport infrastructure and connect businesses and local communities. The signing ceremony of the financing took place on Nov. 8.
The railway line will link the cities of Bandırma and Osmaneli in the northwest of the country, passing through Bursa province. Bursa is one of Turkey’s most industrialized cities and is not connected to the country’s railway network. Therefore, this project is crucial for the economic integration of the inland industry and the population of Bilecik’s Osmaneli district with the Ankara-Istanbul high-speed railway line.