ANKARA: The Islamic Development Bank Group (IsDB) signed a £246.4 million financing agreement with the Turkish Ministry of Treasury and Finance to modernize the 660-kilometer Middle East Turkiye Eastern Railway line. The project aims to strengthen Turkiye’s role as a vital trade corridor between Asia and Europe while supporting the country’s sustainable development efforts.

According to Saudi Press Agency, Turkish Minister of Treasury and Finance Mehmet Simsek emphasized that the project will modernize Turkiye’s railway infrastructure, enhancing competitiveness and reducing carbon emissions. He added that the project will focus on improving logistical efficiency and operational resilience within the railway system and expressed his appreciation for the IsDB’s support.

IsDB Chairman Dr. Muhammad Al Jasser highlighted that the agreement will boost economic integration and regional connectivity while supporting Turkiye’s climate commitments. He affirmed the bank’s commitment to ensuring the project is implemen
ted swiftly.

Turkiye has been a founding member of the IsDB since 1974. The bank has approved over $13.6 billion in financing for more than 560 projects across various sectors in Turkiye, including health, transportation, renewable energy, education, and agriculture.