UK to back $2.3bn Turkish green rail project

The UK Export Finance Agency has signed a €2.1bn loan guarantee deal to support the development of a major electric rail project in Turkey.

The agreement has been announced at today’s “UK-Turkiye Green Finance Conference”.

This agreement aims to build trading relationship between Turkiye and the UK, decarbonise travel and help Turkey to meet its zero emission target.

The €2.1bn green financing deal will be guaranteed by UK Export Finance (UKEF), through its Buyer Credit Scheme, with Credit Suisse and Standard Chartered structuring and coordinating banks arranging the transaction.

International Trade Secretary, Anne-Marie Trevelyan, said at the conference the deal represented a significant step forward for efforts to increase flows of green finance and underscored the strong ties between the UK and Turkiye.

“Turkiye is a vital trading partner for the UK,” she said. “Our shared global outlook on free trade and the environment is the driving force behind economic growth in our two nations.

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