IsDB signs $727m deal with Turkiye for Istanbul rail project

RIYADH: The Islamic Development Bank has signed a €660 million ($728 million) financing agreement with Turkiye for the Istanbul North Rail Crossing Project, marking its largest sovereign financing transaction in the country. The agreement was signed on Nov. 12 during COP31 in Antalya, as multilateral development banks announced financing for 10 projects and programmes in Turkiye worth approximately $5.1 billion. The IsDB financing is the first “Forward Lease” agreement between the bank and Turkiye, according to a statement. The bank’s Board of Executive Directors approved the financing in June 2026. Turkiye has set a target of achieving net-zero emissions by 2053, with investment in sustainable transport, renewable energy and industrial decarbonization forming part of its broader transition strategy.