Turkey Gets $6.75 Billion Financing for Intercontinental Railway

Turkey reached a preliminary deal with international lenders, including the World Bank, for $6.75 billion in financing for one of the country’s biggest ever rail projects.

The new 125-kilometer (77.7-mile) Northern Ring Railway will carry passengers and freight between Halkali on Istanbul’s European side and the industrial area of Gebze on the city’s Asian side, the Transport and Infrastructure Ministry said in a statement on Tuesday. It will cross the Bosphorus Strait via the Yavuz Sultan Selim Bridge.