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.
U.S. President Donald Trump told the UN General Assembly on Tuesday that he ended seven long-running conflicts in just seven months and insisted “ev...
U.S. President Donald Trump rejected growing international recognition of a Palestinian state at the UN General Assembly on Tuesday, accusing members ...
Indonesia and the European Union concluded a free trade agreement on Tuesday after nine years of talks, with both aiming to boost exports and investme...
The Iranian President Masoud Pezeshkian and Azerbaijani Deputy Prime Minister Shahin Mustafayev reviewed bilateral relations between the two neighbour...
Beijing is in talks with Boeing over a potential order of up to 500 aircrafts, a deal that could reshape the U.S. manufacturer’s fortunes in China a...
President Recep Tayyip Erdoğan is preparing to buy hundreds of Boeing airliners and Lockheed Martin fighter jets in deals worth more than $10 billion, Bloomberg News reported on Tuesday.
President Recep Tayyip Erdogan said on Monday that Türkiye is holding intensive consultations with U.S. President Donald Trump and his team on key regional crises, including the conflict in Gaza, the war in Ukraine and the situation in Syria.
A wave of Russian airspace violations from the Baltics to Poland and Germany has triggered NATO consultations and revived questions over alliance unity, as Moscow appears to probe how far it can go without provoking a larger confrontation.
Türkiye has terminated additional tariffs imposed in 2018 on U.S. imports ranging from passenger cars to fruits, the country's Official Gazette said on Monday, as President Recep Tayyip Erdogan visited the United States.
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.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
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.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
Semiconductor shares from Asia to Europe rose sharply on Tuesday after Nvidia unveiled a $100 billion partnership with OpenAI to build massive Artificial Intelligence (AI) systems requiring millions of processors.
Porsche (P911_p.DE) saw its shares fall by 7.5% by late morning on Monday after the carmaker scaled back its electric vehicle rollout and lowered its forecast, following a costly strategic reversal driven by weak demand.
Germany's parliament approved on Thursday the nation's first annual budget since sweeping reforms to loosen fiscal rules were passed earlier this year, securing record investments to revive the economy while committing to an increase in defence spending.
European shares nudged up on Thursday after the U.S. Federal Reserve lowered borrowing costs for the first time since December, while shares of SIG plummeted after the Swiss-based company issued a profit warning.
Meta Platforms on Wednesday launched its first consumer-ready smart glasses with a built-in display, seeking to extend the momentum of its Ray-Ban line, one of the early consumer hits of the artificial intelligence (AI) era.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment