Türkiye signs $1.9B World Bank deal for Istanbul rail crossing
16:11, 15/04/2026, WednesdayU: Update: 16:24, 15/04/2026, Wednesday
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Turkish Treasury and Finance Minister Mehmet Simsek and World Bank's managing director of operations Anna Bjerde pose for a photo during the signing ceremony for the financing agreement held at the World Bank headquarters in Washingon DC, United States on April 14, 2026. Simsek signed the agreement for €1.67 billion in financing provided by the World Bank under the Istanbul North Rail Crossing Project (INRAIL)Türkiye signed a €1.67 billion ($1.9 billion) financing agreement with the World Bank for the Istanbul North Rail Crossing (INRAIL) project, a 127-kilometer electrified railway line. The project will boost annual freight capacity across the Bosphorus from 3 million to 50 million tons and create higher-income jobs for over 400,000 workers.
Türkiye’s Treasury and Finance Minister Mehmet Simsek and World Bank Managing Director Anna Bjerde signed a €1.67 billion ($1.9 billion) financing agreement on Tuesday for the Istanbul North Rail Crossing (INRAIL) project. The signing took place during the IMF and World Bank Spring Meetings in Washington.
Third-largest World Bank project
Simsek stated that the deal is the third-largest project ever approved by the World Bank, with total financing of $8.1 billion, approximately 83% of which comes from international institutions. “This deal provides financing, strengthens standards and sends a clear signal of confidence to global markets,” he said. The INRAIL project involves a 127-kilometer electrified high-capacity railway crossing the Bosphorus Strait via the Yavuz Sultan Selim Bridge, bypassing Istanbul’s metropolitan area.
Boosting trade and employment
Once operational, the project will increase annual rail freight capacity across the strait from 3 million to 50 million tons, reduce logistics costs, connect Istanbul’s two airports to the national rail network, and remove a key bottleneck along the Middle Corridor — the fastest Beijing-London trade route at just 18 days. Simsek noted that INRAIL will create higher-income employment for over 400,000 workers. Bjerde said the project will strengthen Türkiye’s connectivity with Europe, Asia, and the Middle East, boosting regional trade. Türkiye has attracted $355 billion in transport investment over two decades, with railways as the next expansion focus.