BAKU, Azerbaijan, December 14
Trend:
The Asian Infrastructure Investment Bank (AIIB) is helping the Government of Turkey finance Infrastructure for Tomorrow (i4t) through a connectivity project that aims to increase rail transport safety, passenger and freight capacity and speed between Turkey and the European Union, Trend reports citing AIIB.
AIIB’s Board of Directors approved a EUR300 million loan for the Ispartakule-Cerkezkoy Railway Project that involves the construction of a new double-track, electrified high-speed railway between Ispartakule and Cerkezkoy. The European Bank for Reconstruction and Development (EBRD) is cofinancing the project with a EUR150 million loan.
The railway project is part of the Halkali – Kapikule Railway Line (HKRL), a strategic transport project that itself is part of the Transport Corridor for Europe-Caucasus-Asia (TRACECA), which aims to strengthen economic relations, trade and transport in the regions of the Black Sea basin, South Caucasus and Central Asia. Once the project is finished, the people in these regions will have access to an inter-operable national rail transport corridor in line with EU standards with appropriate Trans-European Transport Network (TEN-T) connections.
In addition, the project will contribute to the reduction of greenhouse gas emissions, as the project design includes measures to minimize energy use and reduce fuel usage during both construction and operation phases. Low carbon benefits are also expected to result with the shifting of passenger and freight traffic from road to rail. Considering the diversity and volume of Turkey’s main export commodities—automotive parts, construction materials and dry goods—much of these are in fact especially suitable for transport by rail.