The route will connect Istanbul’s two airports directly and will run on existing track space on the Yavuz Sultan Selim Bridge, also known as the Third Bridge.
The World Bank’s financing forms part of a larger $6.75bn effort from six development banks to finance INRAIL, a $8.3bn project which would also require funding from the Turkish government.
When operational, INRAIL would increase rail freight capacity across the Bosphorus from 3 million tonnes a year to 50 million.
It’s estimated that the project will create 99,000 new jobs and 315,000 jobs with improved pay, while boosting the country’s manufacturing, agriculture and services markets.
Humberto Lopez, the World Bank’s director for Turkey, said: "By removing a critical rail bottleneck at the Istanbul Strait and enhancing the resilience and efficiency of rail infrastructure, Turkey is boosting its competitiveness and reinforcing its role as a logistic hub.”
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World Bank debars Turkish engineer for fabricating documents China may invest $60bn in Turkey’s rail network How the world’s longest span connected Asia and EuropeWorld Bank provides $2bn for Turkey railway corridor Global Construction Review.
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