World Bank approves 1.67 bln euro loan for rail link across Bosphorus

ISTANBUL

The World Bank has approved 1.67 billion euros in financing for a major railway project that will create a new rail link across the Bosphorus via the Yavuz Sultan Selim Bridge, the megacity of Istanbul’s third bridge.  

The funding is a major step toward establishing an alternative rail connection between Europe and Asia through the project, which includes a railway line stretching from Gebze to Halkalı, passing through Sabiha Gökçen Airport, the Yavuz Sultan Selim Bridge and Istanbul Airport.

Inaugurated in 2016, the Yavuz Sultan Selim Bridge was designed as a hybrid structure capable of carrying both motor vehicles and high-speed trains.

Alongside the Yavuz Sultan Selim Bridge, Istanbul currently has two other major suspension bridges spanning the strait: The 15 July Martyrs Bridge, completed in 1973, and the Fatih Sultan Mehmet Bridge, completed in 1988.

By providing an alternative railway connection across the Bosphorus, the project is set to enhance Türkiye’s competitiveness in national and transcontinental transport corridors while strengthening Istanbul's position as a global transit hub.

In addition to the World Bank’s 1.67 billion euro contribution, further financing is expected from other international institutions, with total external funding projected to reach approximately $6.75 billion.

Treasury and Finance Minister Mehmet Şimşek said the latest agreement brings Türkiye’s total external financing secured in 2026 to around 3 billion euros.

“Sustainable growth and social welfare remain at the core of our economic program. We will continue to strongly support public investments in the transportation sector within the framework of our medium-term program,” Şimşek said.

He also highlighted continued cooperation with the World Bank, noting that under the 2024–2028 country partnership framework, Türkiye aims to secure an additional $18 billion in financing on top of the existing $17 billion portfolio, potentially bringing the total to $35 billion.