The European Bank for Reconstruction and Development (EBRD) will provide EUR 150m loan to the Turkish government for the construction of the 67-kilometer Ispartakule-Cerkezkoy high-speed railway line project linking Istanbul to the Bulgarian border, according to a statement from the bank. The loan will also support the Turkey’s transition to a low-carbon economy.
The Ispartakule-Cerkezkoy high-speed railway line project is the first public transportation project supported by the EBRD, according to Treasury and Finance Minister Lutfi Elvan. “The project will improve Turkey’s internal and cross-border connectivity,” said Elvan.
The loan is based on the EBRD and Turkey’s more than four-year collaborative partnership, according to the Turkey Managing Director for the EBRD, Arvid Tuerkner. “It is also linked to legal and regulatory reforms to improve the commercialization of the railway sector and provide opportunities for a greater private sector participation,” said Tuerkner.
The Ispartakule-Cerkezkoy high-speed railway line will be constructed by public tender and will be built in line with the EBRD’s procurement rules and environmental and social standards. The double-track line will be part of the electrified Halkali-Kapikule railway line, co-financed by the European Union (EU) as part of the Instrument for Pre-accession Assistance (IPA).
The line will also be a part of the EU Trans-European Transport Network (TEN-T) and will provide sustainable, low-carbon passenger and freight transport in order to improve connectivity and trade between the EU and Turkey.
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