Japanese agency ramps up loan to Marmaray

Japanese agency ramps up loan to Marmaray

Japanese agency ramps up loan to Marmaray

AA Photo

Japan’s development assistance body JICA has extended the amount of funding it lent to the Marmaray underwater tunnel project in Istanbul.

Turkey’s Treasury has announced it reached an agreement with the Japan International Cooperation Agency (JICA) for raising the funding provided by the agency to approximately 140 million yuan ($176 million] from 183.8 yuan ($134 million) of the previously agreed amount.

The statement issued by the Treasury Under secretariat stated the deal was reached after negotiations that have been going on between parties for procuring additional funding needed for the $2.8 billion transportation project connecting Asia and Europe.

The exchange of notes and the amendment of the loan agreement were signed by the Turkish and Japanese sides on Jan. 17, the statement read.

Marmaray, the world’s first underwater rail link between two continents, was inaugurated in October with a fanfare ceremony attended by Japanese Prime Minister Shinzo Abe as well.