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.
The Project will be jointly co-financed with the European Bank for Reconstruction and Development (EBRD).
|Private Actor 1
|Private Actor 1 Role
|Private Actor 1 Sector
|Private Actor 2
|Private Actor 2 Role
|Private Actor 2 Sector
|Turkish State Railways (TCDD)
Ministry of Treasury and Finance General Directorate of Foreign Economic Relations
General Directorate of Turkish State Railways, Department of Railway Modernization
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.