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.
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