Istanbul:The OPEC Fund for International Development has approved a $250 million loan for the Istanbul North Rail Crossing project, marking the largest single financing commitment in the institution's history. The loan is part of a broader package of up to $500 million aimed at constructing a new railway to bypass the Istanbul metropolitan area.

According to Anadolu Agency – English, the 127-kilometer (79-mile) double-track, electrified line will connect Cayirova on the Asian side with Catalca on the European side, crossing the Bosphorus via the Yavuz Sultan Selim Bridge. This development is intended to address a critical bottleneck in Asia-Europe rail traffic, as freight trains currently use the Marmaray tunnel only during limited nighttime hours, capping annual capacity at 3 million tons. The new line is expected to increase this capacity to 50 million tons, reducing freight journey times between Cayirova and Catalca from 13 hours to 3.6 hours.

Additionally, the new railway will integrate Istanbul Airport and Sabiha Gokcen Airport into the national rail network, cutting inter-airport transit time from two hours to 65 minutes. The railway project is considered a vital link for three international rail-served trade corridors crossing Istanbul, enhancing Trkiye's position as a logistics hub connecting Europe, Asia, and the Middle East. The $8.3 billion project is supported by the Turkish government and a World Bank-led consortium, including several major international banks.

OPEC Fund President Abdulhamid Alkhalifa highlighted that Trkiye has been a significant partner of the OPEC Fund for nearly five decades. Since 1979, the OPEC Fund has approved nearly $850 million for Turkish projects across various sectors, including transport, agriculture, health, and energy.