OPEC Fund approves $250 million for new Istanbul railway line

The OPEC International Development Fund has approved a $250 million loan to support construction of a new railway line passing around Istanbul. According to the Fund, it is its largest single-tranche financing to date and forms part of an approved financing package of up to $500 million.

The Istanbul Northern Railway Crossing project will create a high-capacity land link across the Bosphorus. Currently, freight trains can use the Marmaray tunnel only for a limited part of the night, capping annual rail freight across the strait at about 3 million tonnes. The new line is expected to raise this to 50 million tonnes.

The 127-kilometre double-track electrified line will connect Çayırova on the Asian side with Çatalca in Europe. The $8.3 billion project is financed by international lenders led by the World Bank. OPEC Fund President Abdulhamid Al-Khalifa said Turkey has been a key partner for about five decades.