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.
Venezuelan opposition leader María Corina Machado has returned to the South American nation almost a year after she secretly left the countr...
Uzbekistan summoned Iran’s ambassador following claims by several Iranian diplomatic missions that the historical and architectural heri...
Kazakhstan marks Republic Day on 25 October with an ambitious economic agenda and a growing partnership with Azerbaijan, as the two Caspian neighbo...
Around 11,000 people joined a demonstration in Orléans on Saturday against the National Rally congress, according to the local prefecture.
Typhoon Champi swept past Taiwan on Saturday, leaving one person dead and more than 500 injured as strong winds and torrential rain brought down trees, cut power and disrupted transport across the island.
French President Emmanuel Macron on Friday described a deadly shooting in the towns of Trappes and La Verrière, west of Paris, as a racist attack and ‘a turning point’ for the country.
Israeli forces have maintained a tight closure on Hebron in the occupied West Bank for a second day, with Palestinian media reporting home raids, mass detentions and dozens of residents forced outside following a shooting incident the day before.
German police have detained a suspect after a major fire broke out at the historic Kehlsteinhaus, known as the “Eagle’s Nest”, a mountain retreat once used by senior Nazi officials, including Adolf Hitler.
Kazakhstan marks Republic Day on 25 October with an ambitious economic agenda and a growing partnership with Azerbaijan, as the two Caspian neighbours pursue a $1 billion annual bilateral trade target and expand cooperation in transport, energy and digital infrastructure.
Azerbaijan's economy is forecast to grow by 1.7 per cent in 2026 and 2.3 per cent in 2027, according to the International Monetary Fund (IMF), while growth across the wider Caucasus and Central Asia region is expected to slow.
As fuel prices surge nearly 37 per cent and protests over living costs turn violent, French President Emmanuel Macron is seeking fresh energy supplies and partnerships in the Gulf. But can diplomacy abroad ease mounting pressure at home?
Azerbaijan and Georgia are targeting more than $2 billion in bilateral trade as the neighbouring countries strengthen energy partnerships, expand transport links and pursue new investment opportunities.
More than 200 U.S. business leaders have joined Secretary of State Marco Rubio in Uzbekistan as Washington steps up efforts to turn closer diplomatic ties with Central Asia into trade and investment deals.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment