Türkiye is close to securing a significant financial package from the World Bank for a $4 billion railway project that will cross the Bosporus via the Yavuz Sultan Selim Bridge, according to Transport and Infrastructure Minister Abdulkadir Uraloğlu. In discussions with Bloomberg, Uraloğlu confirmed that negotiations are in the final stages for a loan of up to $3 billion with technical details of the loan package still under discussion.
Once the agreement is finalized, Türkiye plans to launch an auction for the project’s construction, likely in the early months of 2025, with the World Bank’s participation.
Funding and International Interest
In addition to talks with the World Bank, Türkiye has explored financing options from the United Arab Emirates (UAE) following a $51 billion investment pledge made by the Gulf nation. Uraloğlu noted that other financial institutions, including the European Bank for Reconstruction and Development (EBRD) and the Asian Infrastructure Investment Bank (AIIB), could also participate in the financing.
The proposed railway will span the Yavuz Sultan Selim Bridge, one of the longest and widest suspension bridges in the world, linking the European and Asian sides of Istanbul. The bridge, built for $3 billion under President Recep Tayyip Erdoğan, is one of three bridges that connect the city, which is home to nearly 16 million people.
During the International Road Federation (IRF) World Congress 2024 held in Istanbul, Uraloğlu highlighted the growing interest of international lenders in the railway project. “We are pleased to see that international credit institutions have recently shown great interest in the railway project that will pass through the Yavuz Sultan Selim Bridge,” he said, emphasizing the World Bank's strong involvement.
Part of a Larger Development Vision
President Erdoğan has championed the new rail link as part of the larger Development Road project, aimed at connecting Iraq’s southern ports to Europe via Türkiye. Last fall, Erdoğan revealed that the UAE was eager to collaborate on the $17 billion project, which envisions rail and road connections from Iraq to Europe.
A preliminary agreement between Türkiye, Iraq, Qatar, and the UAE to cooperate on the Development Road project was signed in April 2024, during Erdoğan’s visit to Baghdad.
