Istanbul: Trkiye has signed preliminary agreements with six international financial institutions to secure $6.75 billion in funding for a new railway line across the Bosphorus Strait. The transport minister announced that this project represents the largest foreign-funded rail venture in the nation's history.

According to Anadolu Agency, the Northern Ring Railway Project will extend 125 kilometers (77.7 miles) through northern Istanbul. It is anticipated to transport 33 million passengers and 30 million tons of cargo annually once completed. This initiative aims to enhance rail capacity between Trkiye's Asian and European regions.

The transport minister, Abdulkadir Uraloglu, confirmed that preliminary agreements were reached with the World Bank, Asian Infrastructure Investment Bank, Asian Development Bank, Islamic Development Bank, OPEC Fund for International Development, and the European Bank for Reconstruction and Development. Preparations are underway for the project's construction tender, with plans to finalize the tender process and begin construction within the year.

The project will include the construction of 44 tunnels totaling 59.1 kilometers and 42 bridges covering 22.4 kilometers. The railway will traverse the Yavuz Sultan Selim Bridge over the Bosphorus.

The new line is expected to alleviate congestion on the Marmaray line and will provide direct rail connectivity between Istanbul Airport and Sabiha Gokcen Airport for the first time.