World Bank and Türkiye Ink €1.67 Billion Deal for Istanbul Rail Megaproject
Türkiye and the World Bank have officially finalized a landmark €1.67 billion ($1.81 billion) financing agreement for the highly anticipated Istanbul North Rail Crossing Project. Signed in Washington, D.C. by Turkish Treasury and Finance Minister Mehmet Simsek and the World Bank's Managing Director of Operations Anna Bjerde, the massive infrastructural initiative is designed to drastically increase both passenger and freight rail capacity across the Istanbul metropolitan area. The megaproject aims to significantly reduce logistics costs while better integrating Istanbul's extensive transit networks.
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