Türkiye: Istanbul shipping canal construction to cost $20 billion

Turkish Transport and Infrastructure Minister Adil Karaismailoglu has said that the construction of the Istanbul shipping canal will cost Türkiye $5 billion more than the initial plans and will reach $20 billion.

He made the statement in an interview with Sabah newspaper on September 25.

"The cost [of the canal] turned out to be higher than the initial estimates. We thought that the construction will cost $15 billion but it will cost $20 billion,"the minister said, adding that the Turkish authorities want to implement the project by using extrabudgetary funds.

"One of the most important projects in the world will sooner or later be implemented. This is a necessity," the minister added.

He said that the construction of the canal will greatly reduce the traffic load on the Bosphorus.

"Currently, 40,000 ships pass through the Bosphorus a year. If tomorrow this number grows to 60,000-70,000, then their passage through the Bosphorus will be complicated," the minister noted.