World Bank approves $2 billion loan for Turkey's new railway project
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March 31 (Reuters) - The World Bank on Tuesday approved a loan of $2 billion to Turkey for a new railway line across the Bosphorus in what would be the nation's largest foreign-financed railway project.
"The approval of this loan leads the coordinated effort by six Multilateral Development Banks to provide $6.75 billion in financing for Istanbul North Rail Crossing Project (INRAIL)," the World Bank said in a statement.
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Turkey's Transport Minister Abdulkadir Uraloglu said in February that once completed, the line that will pass through north Istanbul is expected to carry 33 million passengers and 30 million tonnes of freight annually.