Turkey Secures $6.75 Billion for Landmark Bosphorus Railway Project

Turkey has reached preliminary agreements with six international lenders to secure a massive $6.75 billion investment in a new railway line across the Bosphorus, marking the country's largest foreign-financed railway project. The Transport Minister, Abdulkadir Uraloglu, announced these developments on Tuesday, signifying a significant boost in Turkey's logistics capabilities.

Once realized, the Northern Ring Railway Project will span 125 kilometers (78 miles), connecting Gebze to Halkali via the Yavuz Sultan Selim Bridge. This ambitious project is expected to carry 33 million passengers and 30 million tonnes of freight annually, effectively increasing rail capacity between Asia and Europe.

Preliminary agreements have been made with major financial institutions such as the World Bank and the European Bank for Reconstruction and Development. Uraloglu aims to complete the tender process this year, paving the way for construction to begin. The new line will alleviate current limitations posed by the Marmaray railway tunnel, which presently operates under restricted hours.