Turkey To Receive Funding For New Electric Railway Project From UK

Business

Turkey is now all set for obtaining a funding of 2.1 billion euros in the green financing from the government of the United Kingdom for a new and latest high-speed electric railway project in the country.

Through the country’s Buyer Credit Scheme, the United Kingdom Export Finance (EKEF) is going to be providing the funding for the new railway line of 502 kilometres powered by electricity in Ankara, capital city of Turkey and also the city of Izmir.

For the purpose of arranging the funding, the companies including Standard Chartered and Credit Suisse is going to be organizing and coordinating with the banks, and the project has been designed as a decreased carbon alternative to the current road and air routes, and the new line is going to be facilitating the fast transport from the city of Ankara to Izmir of Turkey.

The new railway project is also estimated for playing a significant role for the purpose of fulfilling the commitments of climate change of Turkey, and Anne-Marie Trevelyan, International Trade Secretary of the United Kingdom said that, Turkey has been a vital trading partner for the United Kingdom, and their shared global outlook on the free trade and the environment has been the driving force behind the economic growth of both United Kingdom and Turkey.

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The companies in the United Kingdom are also going to receive the major contracts for the railway project, and the companies are also expected for delivering the turnouts, railway lines, and point machines for the project.

Sandy

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