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HomeNewsEconomyInternational Funding of €1bn Secured for Turkey's High-Speed Rail

International Funding of €1bn Secured for Turkey’s High-Speed Rail

The construction of the 140km line between Yerkoy and Kayseri in Turkey aims to connect to an existing line, providing travel access to the capital city, Ankara. This high-speed rail project is set to receive a €1.247bn ($1.351bn) financing package, including a €1.027bn loan guaranteed by the export credit agencies of the UK, Italy, Austria, and Poland. Additional support comes from a €220m commercial loan facility, partly backed by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Turkey has been active in developing various high-profile rail projects, positioning itself as a crucial trade partner between Asia and Europe. The funding for the Yerkoy-Kayseri line was structured by the Mitsubishi UFJ Financing Group, with the aim of attracting institutional capital investors to work alongside syndicate lenders. The project is expected to alleviate road congestion and enhance exporting links in the vicinity of Ankara.

The new rail line project will be executed by Turkish contractors Dogus İnsaat, Celikler, and Ozkar, who have previously been involved in building the Ankara to Sivas rail line. In addition to the Yerkoy-Kayseri line, Turkey has received support from export credit agencies for another high-speed line between Mersin and Gaziantep in the south of the country.

Source: Railway Technology (Originally reported by Noah Bovenizer)

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Author: Turkish News