Istanbul:The OPEC Fund for International Development has allocated a $250 million loan to support the construction of a new railway line bypassing the Istanbul Metropolitan Area. This substantial investment aims to strengthen the Middle Corridor in Türkiye, as reported by APA.
According to Azeri-Press news agency, the $250 million loan is the largest single financing in the OPEC Fund’s history. It is part of an approved package of up to $500 million, demonstrating the institution’s commitment to enhancing rail traffic between Asia and Europe. The Istanbul North Rail Crossing will provide a high-capacity overland link across the Bosphorus, addressing a missing section in the current rail infrastructure.
The new 127-km double-track, electrified railway line will run between Çayirova on the Asian side and Çatalca on the European side, crossing the Bosphorus via the Yavuz Sultan Selim Bridge. It will serve both passengers and freight, connecting Istanbul Airport and Sabiha Gökçen Airport with the national rail network. This project is expected to significantly reduce freight journey times and public transport travel times between key locations, while also easing congestion and reducing emissions in Istanbul.
The construction of this railway is expected to bolster three international trade corridors the Trans-Caspian Middle Corridor, the Iraq Development Road, and the Türkiye-EU corridor, which accounts for a significant portion of Türkiye’s international trade. The total investment of $8.3 billion is being provided by an international coalition of sponsors, led and administered by the World Bank, including major financial institutions like the Asian Development Bank and the European Investment Bank, among others.
OPEC Fund President Abdulhamid Alkhalifa highlighted the longstanding partnership with Türkiye, noting that the record financing marks a new milestone in their cooperation. The project aligns with the shared commitment to infrastructure that enhances connectivity, competitiveness, and sustainable growth, supporting Türkiye’s development and improving trade links between Europe, Asia, and the Middle East. The OPEC Fund’s collaboration with Türkiye dates back to 1979, with nearly $850 million approved for various sectors over the years.