Islamic Development Bank funds high-speed train in Turkey with $367 mln

The Islamic Development Bank (IDB) has inked an agreement with the Turkish government to provide $367 million financing to the high-speed train project in Turkey to run between capital Ankara and Istanbul.

The deal was inked on the sidelines of the Thirty-third Ministerial Session of the Standing Committee for Economic and Social Cooperation (COMCEC) held in Turkey during the period of Nov. 20-23, 2017.

The project aims to support, expand, and modernize the traditional railway network and develop the high-speed rail network in Turkey, the chairman of the bank said, pointing out that the funding amounted to EUR 320 million, equivalent to $367 million.

IDB said it will also provide financial backing to Turkey’s plan to develop its high-speed rail network to other major cities, increasing the rail industry’s share of passengers.

The bank previously supported the Ankara to Konya high-speed line.