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Rail

UK guarantees £680m loan to build high-speed electric railway in Turkey

Ursula O’Sullivan-DaleBy Ursula O’Sullivan-DaleJuly 26, 20232 Mins Read
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UK Export Finance (UKEF) has underwritten €781m (£680m) in financing to support construction of a 286km (178-mile) high-speed electric railway in southern Turkey.

UKEF is the UK government’s export credit agency; it expects the deal to create new export contract opportunities for the UK’s infrastructure, engineering and project management sectors as part of broader government ambitions to grow the UK economy.

The credit body worked with J.P. Morgan, ING Bank and BNP Paribas, which provided the loan, plus SACE and OeKB, the Italian and Austrian export credit agencies, to set up the deal.

Construction company Rönesans Holding will complete the build on behalf of the Turkish Ministry of Transport.

The firm has expressed intention to use the rail project to strengthen relationships throughout its UK supply chain.

The company has already engaged with UK suppliers to negotiate contracts for electronic infrastructure, ESG consultancy services, catenary and mechanical components, according to a government statement.

The country’s current railway relies on diesel locomotives, which will be replaced along the planned route with an electrified line to offer a lower-carbon alternative to existing routes between Mersin and Gaziantep.

Project forecasts suggest that the completed route will save 157,000 tonnes in carbon emissions in its first year.

The high-speed railway is also intended to reduce travel time from Gaziantep to Mersin, through regional cities, to four hours.

Mehmet Şimşek, treasury and finance minister for Türkiye, said: “This project will ensure a reduction of transportation costs, decrease travel time between Mersin and Gaziantep and strengthen our railway connectivity.

“In this regard, this project is crucial for economic, social and environmental integration. We are very grateful to our trading partner UKEF for their contribution to this important project, which will expand the national railway network.

“The most important aim of the project is to improve the rail connectivity and create a sustainable alternative transportation scheme in Türkiye. We look forward to continuing our fruitful collaboration with new projects on the way of development of Türkiye.”

Gaziantep, the railway’s eastern terminus, was near the epicentre of the earthquake which struck Turkey in February 2023.

Railway construction will also contribute to reconstruction in Gaziantep, Osmaniye and other areas of southern Turkey severely damaged in this disaster, the government has said.

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Ursula O’Sullivan-Dale

Ursula joined Akabo Media in June 2022. She has worked in written communications since graduating in English Literature from Trinity College Dublin in 2021, before transitioning into digital publishing. She is currently Editor of Robotics & Automation Magazine and Assistant Editor of City Transport & Traffic Innovation. She is responsible for keeping both sites updated with the latest news in the robotics and sustainable transport sectors, producing in-depth insight into essential industry topics through long-form features and supporting the production of both titles’ print issues.

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