The OPEC International Fund for Agricultural and Economic Development has approved $250 million for a new railway line bypassing central Istanbul.
Report informs, citing the fund, that this is the institution's largest single investment and forms part of an approved support package of up to $500 million.
The Istanbul North Rail Crossing project aims to close an infrastructure gap in rail connections between Asia and Europe. Freight trains can currently use the Marmaray tunnel only during a limited overnight window, restricting annual freight volumes across the strait to about 3 million tons.
The new line will increase that volume to 50 million tons. The electrified, double-track railway will extend 127 kilometers from Çayırova on the Asian side to Çatalca on the European side, crossing the Bosphorus via the Yavuz Sultan Selim Bridge. Designed for both passenger and freight services, it will also connect Istanbul and Sabiha Gökçen airports with each other and with the national rail network.
Freight train journey times between Çayırova and Çatalca are projected to fall from 13 hours to 3.6 hours, while travel between the two airports by public transport will be reduced from about two hours to 65 minutes. Shifting freight from roads to electrified railways will also help reduce carbon emissions and ease transport congestion in one of the world's largest metropolitan areas.
The project will strengthen three major international transport corridors passing through Türkiye: the Trans-Caspian International Transport Route, also known as the Middle Corridor; the Development Road through Iraq; and the Türkiye–European Union corridor, which accounts for one-third of the country's foreign trade.
The project's total cost is estimated at $8.3 billion. Financing is being arranged through a consortium of international institutions coordinated by the World Bank.
The lenders include the Asian Development Bank, the Asian Infrastructure Investment Bank, the Islamic Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank and the Turkish government.
OPEC Fund President Abdulhamid Alkhalifa stressed that Türkiye had remained a key partner of the organization for nearly five decades.
"This record financing opens a new chapter in our cooperation and reflects our shared commitment to developing infrastructure, improving connectivity, enhancing competitiveness and ensuring sustainable economic growth," he said.
The OPEC Fund signed its first loan agreement with Türkiye in 1979. Since then, its total approved investments in the Turkish economy have approached $850 million, covering transport infrastructure, agriculture, healthcare, energy, and programs supporting food security and climate resilience.