Luxemburg, 20/12/2006 (Agence Europe) - The European Investment Bank (EIB) has just lent €850 million to the Turkish State Railways (TCDD). This loan will enable TCDD to build the country's first high-speed railway along the Istanbul-Ankara corridor, connecting the two most populous cities in the country.
The loan is a key element in the State Railway's long-range plans to significantly improve connections between the capital and the main areas of economic activity in the country in an efficient and commercially oriented way and responding to rising demand for railway services. The company operates a country-wide network of some 11,000 km, major parts of which are in need of renovation and upgrading. In addition to the railways, TCDD manages locomotive, wagon and coach manufacturers and repair workshops, and also the county's seven largest ports.
This flagship project - the total cost of which is €2.6 billion - is being supported by aid from the European Commission, in the context of the “Turkish Rail Sector Re-Structuring and Strengthening Project”, which aims to establish the legislative and institutional framework of the Turkish rail sector in line with EU rules and regulations. In addition, this Turkish high-speed railway line project fully meets key strategic objectives of EU policy and is a continuation of the Pan-European Corridor IV. (ol)