Türkiye has secured €2.4 billion ($2.8 billion) in green financing for a railway project aimed at establishing a direct rail connection to Azerbaijan's Nakhchivan exclave.
Turkish Finance Minister Mehmet Simsek reposted the article by Anadolu agency on his X account and said that "the financing we've received from international institutions strengthens our national infrastructure, enhancing both competitiveness and operational efficiency."
Türkiye signed the agreement with a group of lenders led by Japan's MUFG Bank, Anadolu said, adding the package is backed by Sweden's EKN and Austria's OeKB export credit agencies, as well as an unit of Islamic Development Bank.
This railway line will boost Türkiye’s trade volume with China, Central Asia, Europe, and the Caspian region, revitalize the regional logistics sector, and create new business opportunities. Additionally, in line with green development goals, the use of electric systems in railway transport will help reduce fossil fuel consumption and lower carbon emissions.
The Kars-Iğdır-Aralık-Dilucu-Sadarak-Nakhchivan-Julfa railway will form part of the Middle Corridor, positioning the Nakhchivan Autonomous Republic (NAR) as a key regional transit hub.
Starting from the 12th kilometre of the Kars-Tbilisi railway line, the Kars-Iğdır-Aralık-Dilucu segment will involve the construction of a 224-kilometre railway, including five stations, five tunnels, ten bridges, and supporting infrastructure.
The railway offers great advantages in terms of increasing the carrying capacity and shortening the transportation time. In addition, transportation will be approximately half as fast as sea transportation. Once the railway is operational, travel from Kars to the Dilucu border checkpoint with Azerbaijan will take just 85 minutes.
The project comes after President Ilham Aliyev and President Recep Tayyip Erdogan signed the "Protocol of Intent on the Kars-Nakhchivan railway project between the Republic of Azerbaijan and the Republic of Türkiye" in 2023.
The UN's International Maritime Organization has paused escort operations through the Strait of Hormuz after a cargo ship was reportedly attacked near...
The United Nations' top human rights official has called for independent investigations into deaths in U.S. immigration detention facilities, citing a...
Tens of thousands of people are still unaccounted for after two powerful earthquakes struck Venezuela. At least 589 people have been confirmed dead a...
An aircraft roughly the size of a car crashed into Beijing's tallest skyscraper on Friday evening, triggering a major emergency response and a heavy p...
Montenegrin police, working alongside the United States' Federal Bureau of Investigation, have arrested an Iranian national accused of carrying out a ...
Azerbaijan Airlines (AZAL) has taken delivery of its first Airbus A321neo, marking another milestone in the carrier's long-term fleet modernisation programme aimed at improving efficiency, expanding capacity and enhancing the passenger experience.
A senior NATO official has visited Azerbaijan for high-level talks on bilateral cooperation, regional security and preparations for the upcoming NATO summit in Ankara. The visit marked his first official trip to the country.
ANEWZ can exclusively report that European Commission President Ursula von der Leyen is expected to visit Azerbaijan on 1 July.
The United Nations Public Service Forum has opened in Tbilisi, Georgia, for the first time, bringing together 420 participants from nearly 100 countries to discuss public sector governance, digital transformation and citizen-centred service delivery.
An earthquake of magnitude 6.9 struck Japan's northeast coast on Thursday, but no tsunami warning was issued, no injuries were immediately reported and no irregularities were found at nuclear facilities, the authorities said.
As Western Europe battles a deadly heatwave that has shattered temperature records, disrupted transport and power supplies, and forced the closure of schools and cultural landmarks, attention is turning to whether El Niño is playing a role in the extreme conditions.
The U.S. Senate rejected a resolution on Wednesday that would have directed President Donald Trump to remove U.S. forces from hostilities against Iran unless Congress formally authorised military action.
The Kremlin has denied a Wall Street Journal report claiming Moscow is pressuring Belarus to support an expanded Russian military campaign in Ukraine.
Tens of thousands of people are still unaccounted for after two powerful earthquakes struck Venezuela. At least 589 people have been confirmed dead and hundreds are believed to be trapped under rubble, as emergency crews and international rescue teams race to respond.
Apple is facing a £3 billion lawsuit in the United Kingdom after a competition tribunal approved a major collective action over its iCloud storage service.
China has opened its market to cashew nuts from all African countries with diplomatic relations with Beijing, removing a long-standing barrier that had restricted exports from much of the world's largest cashew-producing continent.
Media leaders from across Europe gathered in Vienna this week for the annual European Publishing Congress.
Amazon founder Jeff Bezos has said artificial intelligence will ultimately lead to labour shortages rather than widespread unemployment, pushing back against growing fears that AI will replace human workers.
French department store BHV and online fast-fashion retailer Shein have ended their partnership, seven months after the launch of a permanent Shein shop in Paris triggered controversy and widespread criticism.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment