TURKEY has secured US$2.8 bn in green financing for the Kars - Iğdır - Aralık - Dilucu project currently under construction that involves a direct 223.6km mainline connection to Azerbaijan's Nakhchivan exclave via the border crossing at Dilucu. The project includes construction of six stations, five tunnels and 157 bridges over and under the railway.
Turkey’s Ministry of Treasury and Finance has signed an financing agreement with a group of lenders led by Japan's MUFG Bank, backed by Sweden's EKN and Austria's OeKB export credit agencies, as well as a unit of the Islamic Development Bank, according to Anadolu Agency (AA).
Treasury and finance minister, Mehmet Şimşek, says that the new financing will strengthen Turkey’s infrastructure, competitiveness and efficiency. The project is part of Turkey’s broader infrastructure strategy and is expected to enhance regional trade by connecting with the existing cross-border line to Iran, Afghanistan and Pakistan, while supporting green transition goals.
