IDB signs agreement worth $367 million to finance rail project in Turkey

November 24, 2017 Off By Web Desk

Istanbul (OIC-UNA) � The Islamic Development Bank (IDB) and the Turkish government signed a financing agreement for Turkey’s high-speed rail system project, on the sidelines of the 33rd session of the OIC Standing Committee for Economic and Social Cooperation (COMCEC), held in Istanbul on November 20-23.

President of the IDB Group Dr. Bandar Hajjar stressed the importance of this project that aims to support, expand and modernize Turkey’s traditional railway network and develop its high-speed train lines. He pointed out that the funding of 320 million euros ($367 million) represents additional support from the Bank for the system of the high-speed trains operating in Ankara-Istanbul line.

Hajjar added that the project supports the Turkish government’s program to develop the train network between the major cities, which would lead to an increase in the share of railways in the transport of passengers, toward the overall goal of developing balanced, efficient and safer multiple transit systems in the country.

This project asserts the IDB Group’s commitment to the development of transport sector in Turkey, where the Bank has previously contributed to supporting the Ankara-Konya high-speed railway line and funding the electric locomotives, as well as developing the urban transportation in some Turkish municipalities.

Source: International Islamic News Agency