UK backs €781m loan for construction of new high-speed electric railway in Turkey
25 July 2023
The UK government’s export credit agency, UK Export Finance (UKEF), has guaranteed €781 million (approximately £680 million) in financing to aid the construction of a 286km high-speed electric railway in southern Turkey.
The financing will be provided through UKEF’s Buyer Credit Facility, enabling Rönesans Holding to complete the Mersin-Adana-Gaziantep High-Speed Railway on behalf of the Turkish Ministry of Transport.
This agreement is expected to open up lucrative export contract opportunities worth millions of pounds for the UK’s infrastructure, engineering, and project management sectors. It aligns with the Prime Minister’s goal of boosting the UK economy.
Moreover, this collaboration presents promising prospects for UK exporters, as Rönesans Holding, being one of Europe’s top ten construction companies, aims to foster stronger ties with the UK supply chain by utilizing the high-speed rail project.
Lord Offord, Minister for Exports, said, “The UK-Turkey trading relationship is going from strength to strength. 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.”