Minister of Treasury and Finance Mehmet Şimşek held a series of high-level engagements in the United States in the lead-up to the IMF and World Bank Spring Meetings, marked by the signing of a major financing agreement with the World Bank.
As part of his program spanning New York and Washington, D.C., Minister Şimşek met with international investors and senior officials from leading global financial institutions, including the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank. His bilateral meetings also included key counterparts such as U.S. Treasury Secretary Scott Bessent and finance ministers from several partner countries.
The centerpiece of the visit was the signing of a financing agreement with the World Bank for the Istanbul North Rail Crossing Project (INRAIL), amounting to approximately USD 2 billion. The agreement was co-signed by Minister Şimşek and World Bank Managing Director of Operations Anna Bjerde.
Speaking at the signing ceremony, Minister Şimşek emphasized the scale of the initiative, stating, “This is the third-largest project ever approved in the World Bank's history. This fact alone demonstrates both the scale of our ambition and the confidence our partners have in Türkiye's capacity to deliver."
As part of a broader USD 6.75 billion financing framework supported by international development institutions, the project will enable the construction of a high-capacity, electrified railway line linking major logistics hubs across Istanbul and further strengthening transport corridors between Europe, Asia, and the Middle East.
Minister Şimşek's engagements reflect Türkiye's broader strategy to secure long-term, cost-effective external financing while deepening cooperation with international partners. The World Bank agreement stands out as a milestone, underlining both the strategic importance of the project and Türkiye's growing role as the nexus of transportation and trade.