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 pound and the yen came under strain on Wednesday, weighed down by renewed investor concerns over global fiscal health and political uncertainty in...
Ukraine’s air defence systems were activated in Kyiv on Wednesday as the capital came under a new Russian air attack. Authorities urged residents to...
China launched its largest military parade on Wednesday, showcasing growing firepower as President Xi Jinping sought to project Beijing’s role on th...
President Ilham Aliyev and First Lady Mehriban Aliyeva have arrived in Beijing to join the commemorations marking the 80th anniversary of the Victory ...
The price of gold surged sharply on Wednesday, reaching a new record of $3,530.08 per ounce. Analysts say the rise is driven by expectations of a U.S....
Türkiye’s tourism sector is breaking records, with new strategies and culture, putting the country firmly on the global map.
Türkiye on Saturday marked the 103rd anniversary of Victory Day, with President Recep Tayyip Erdoğan hailing it as a symbol of the nation’s struggle for independence, resilience and freedom.
According to Defence News’ 2025 Top 100 list, five Turkish defence companies have made it into the world’s 100 most valuable defence firms.
Turkish President Recep Tayyip Erdogan has said he believes Iran’s nuclear negotiations will yield positive results.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
The pound and the yen came under strain on Wednesday, weighed down by renewed investor concerns over global fiscal health and political uncertainty in Japan.
The price of gold surged sharply on Wednesday, reaching a new record of $3,530.08 per ounce. Analysts say the rise is driven by expectations of a U.S. Federal Reserve (Fed) rate cut in September and concerns over the central bank’s independence.
The New York Stock Exchange opened sharply lower on 2 September as investors weighed the legality of Donald Trump’s tariffs – a federal appeals court has ruled most of them illegal.
Eurozone annual inflation reached 2.1% in August, up from 2% in July, Eurostat announced on Wednesday.
Kraft Heinz is breaking up into two separate companies a decade after its high-profile merger, aiming to unlock greater shareholder value.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment