Britain guarantees record $2.3 billion loan for Turkey railway

The British government said on Thursday that it approved guarantees for a 2.1 billion euro ($2.3 billion) loan to finance construction of a high speed rail line in Turkey.

The civil infrastructure export finance deal is Britain’s largest ever.

“Turkey is a vital trading partner for the U.K..... It is fitting that U.K. Export Finance’s biggest ever civil infrastructure deal is strongly sustainable,” International Trade Secretary Anne-Marie Trevelyan said in a statement.

The 503-kilometre (313-mile) high-speed electric railway will link Turkey’s capital Ankara with Izmir, the country’s third-largest city located on its western Aegean coastline.

“Huge nine-figure contracts“ are set to be awarded to U.K. rail suppliers as a result of the financial support, the government said.

Credit Suisse and Standard Chartered Bank are leading the financing of the project.

This block is broken or missing. You may be missing content or you might need to enable the original module.