The Asian Infrastructure Investment Bank (AIIB) has sanctioned financial aid of $338.02m (€300m) for the Ispartakule-Cerkezkoy Railway Project in Turkey.

This project will be co-financed by European Bank for Reconstruction and Development (EBRD), which will offer a loan of $169.01m (€150m).

Under this project, a new double-track, electrified high-speed railway will be established between Ispartakule and Cerkezkoy.

This development will be implemented as part of the Halkali – Kapikule Railway Line (HKRL), which comes under the Transport Corridor for Europe-Caucasus-Asia (TRACECA).

TRACECA intends to bolster business, transport, and economic connection in the regions of the Black Sea basin, South Caucasus and Central Asia.

The new route will provide access to an inter-operable national rail transport corridor as per EU standards with suitable Trans-European Transport Network (TEN-T) links.

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The project is also expected to minimise greenhouse gas emissions.

AIIB infrastructure investment department (region 2) director general Supee Teravaninthorn said: “AIIB’s investment in the project is considered 100% climate mitigation financing and falls under the bank’s transport sector strategy. It is also aligned with AIIB’s thematic priorities of connectivity, regional cooperation and green infrastructure.

“We look forward to working with the Government of Turkey and EBRD in support of developing high-quality and sustainable infrastructure across the region in order to further promote trade and economic growth and improve connectivity between Europe and Asia.”

AIIB has so far sanctioned more than $3.1bn through 14 projects in Turkey.

In 2020, AIIB approved a $300m loan for Russian Railways.