ICIEC provides EUR 135 m insurance for railway project
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) announced EUR 135 m in insurance support for Türkiye’s Kars–Iğdır–Aralık–Dilucu high standard railway project. This project aims to enhance economic and environmental outcomes by shifting freight from road to electrified rail, potentially reducing logistics costs by 40% by 2030.
The railway spans 223.9 km from Kars to the Turkish-Azerbaijani border and links to the Kars–Tbilisi–Baku corridor, serving as a crucial part of the Silk Road Economic Belt. It will employ approximately 3,000 workers during peak construction and contribute significantly to Türkiye's climate goals by reducing CO2 emissions by 498,276 t annually. ICIEC CEO Dr Khalid Khalafalla emphasised the project's role in strengthening regional connectivity and advancing sustainable transport solutions, aligning with key UN Sustainable Development Goals.