Turkey: Halkali-Cerkezkoy Rail Project (AIIB-000345)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Izzet Yerdes, Ministry of Treasury and Finance General Directorate of Foreign Economic Relations
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 361.30 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 320 mln
Converted using 2020-06-05 exchange rate.
Primary Source

Original disclosure @ AIIB website

Updated in EWS Jul 17, 2020


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Project Description

According to the Bank's website, the project provides funding to the Republic of Turkey to fund the construction of 76 km section of a new high-speed railway line from Halkali station, Istanbul, to just before Cerkezkoy station.The project is the second phase of the new high-speed railway between Istanbul and Kapikule (the Halkali - Kapikule railway line).  Turkish State Railways (TCDD) will be the beneficiary of the loan and responsible for the project's implementation.

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)

The Project will be jointly co-financed with the European Bank for Reconstruction and Development (EBRD).

Private Actors
Contact Information

Izzet Yerdes

Ministry of Treasury and Finance General Directorate of Foreign Economic Relations

dei_pfd@hmb.gov.tr

Hasan Pezük

General Directorate of Turkish State Railways, Department of Railway Modernization

hasanpezuk@tcdd.gov.tr

ACCOUNTABILITY MECHANISM OF AIIB

In addition, the AIIB has a Bank Oversight Mechanism. According to AIIB's policies, "people who believe they have been or are likely to be adversely affected by a failure of the Bank to implement the ESP may also submit complaints to the Bank's oversight mechanism in accordance with the policies and procedures to be established by the Bank for such mechanism." However, at the time of writing, it is unclear what the exact scope and function of this Oversight Mechanism will be.