Turkey and UK sign $1.3 billion financing deal

Turkey and UK sign $1.3 billion financing deal for new rail line.

Turkey and UK sign $1.3 billion financing deal for new rail line.

Turkey and the UK have signed a 1.3 billion dollar financing agreement for a high-speed rail line between Kayseri and the town of Yerköy.

Speaking at a meeting at the British Consulate General in Istanbul on Friday, British Trade Minister Kemi Badenoch called the agreement between the two countries “a great testament to our commercial relationship,” Turkey’s official news agency AA reported.

Badenoch said it was the third time the UK had worked with Turkey to secure the future of a sustainable large-scale transportation project.

“I am absolutely delighted that we have witnessed another major deal between the UK and Turkey with €1.2 billion ($1.3 billion) in funding for what we believe will be a transformative railway between Yerköy and Kayseri,” he said.

Badenoch said the new rail line will also help Turkey expand its low-carbon rail network: “It will reduce congestion and reduce net carbon emissions on the Yerköy-Kayseri route by over 6,500 tons of CO2 per year.”

Badenoch said the project will be implemented by a joint venture of Turkish firms Dogus Construction, Celikler and Ozkar, which are also the main contractors for the Ankara-Sivas High-Speed Railroad.

He added that Turkey, with its large economy and strategic location, “offers great opportunities for UK businesses”.

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