Antalya, Türkiye, 12 November 2026 – The Islamic Development Bank (IsDB) and the Republic of Türkiye have signed a financing agreement valued at EUR 660 million for the Istanbul North Rail Crossing Project (INRAIL) in a signing ceremony between the Ministry of Treasury and Finance and multilateral development banks (MDBs) held during COP31 at the Antalya EXPO Center in Antalya, Türkiye.

The signing ceremony was part of the COP31 programs which saw a keynote address by H.E. Mehmet Şimşek, Minister of Treasury and Finance and IsDB Governor for Türkiye as well as remarks by the senior representatives of participating multilateral development banks.

The event announced financing for 10 projects and programs totaling approximately US$5.1 billion, supported by the multilateral development banks (MDBs). Collectively, these projects contribute to Türkiye’s climate objectives under the Paris Agreement and its Second NDC (NDC 3.0), particularly through climate-resilient infrastructure, low-carbon transport, sustainable industrialization, climate-smart agriculture, green urban development and economic resilience, supporting the country’s pathway towards net-zero emissions by 2053.

The EUR 660 million financing from IsDB represents the Bank’s largest sovereign financing transaction for the Republic of Türkiye and contributes to the Istanbul North Rail Crossing Project (INRAIL), a strategic transport infrastructure initiative to be implemented by the country’s Ministry of Transport and Infrastructure. This agreement is also the first “Forward Lease” agreement signed between IsDB and the Republic of Türkiye.

To date, the IsDB Group’s financing approvals for Türkiye have exceeded US$ 16.5 billion in 556 development operations covering a variety of sectors including infrastructure, health, renewable energy, high-speed transport, education, agriculture, finance, private sector development, and international trade. 

The IsDB financing for the INRAIL project was approved by the Bank’s Board of Executive Directors in June 2026 and is expected to help strengthen intercontinental rail connectivity by enabling more efficient freight and passenger movement between Europe and Asia using nearly 127 kilometers of electrified and fully signalized railway infrastructure.

As one of Türkiye's flagship transport infrastructure projects, INRAIL is to contribute to more efficient movement of goods and passengers across major regional trade routes while supporting the country's broader sustainable transport and climate objectives. The project also underscores the value of partnerships between Türkiye and international development finance institutions - including IsDB - in mobilizing resources for large-scale infrastructure investments.