The UK government has underwritten £680 million of financing to support the development of a 286km high-speed electric railway in southern Turkey.

The UK government’s export credit agency UK Export Finance (UKEF), which is providing the financing, said that the new railway offers a lower-emission transport link between the country’s second-largest container port and inland cities over 150 miles away – a greater distance than that between Cardiff and London.

According to the agency, the railway is predicted to reduce CO2e emissions by more than 150,000 tonnes a year.

UKEF's backing has been given on the condition that UK exporters supply to the project, with the government saying that the deal is expected to create multi-million-pound export contract opportunities for the UK.

Rönesans Holding, the company constructing the railway, has already been in contact with UK suppliers to negotiate contracts for electronic infrastructure, ESG consultancy services, catenary, and mechanical components.

“Last year, UK exports to Turkey reached £8.5 billion, and this week we announced plans for an updated trade deal that will further boost exports and imports between our countries,” said Lord Offord, minister for exports. “UK Export Finance’s backing for this transformative high-speed railway adds to this success story.

“This deal shows that the UK, home to the world’s first railway system, still moves full steam ahead with its export of railroad innovation and expertise.”

Share Story: