ANKARA, Nov. 5 (Xinhua) -- Turkish State Railways (TCDD) has signed a 350-million-euro (about 393 million U.S. dollars) financing agreement with the Asian Infrastructure Investment Bank (AIIB) for the "TCDD Railway Maintenance Modernization Project," Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu announced Thursday.
According to a press release on TCDD's website, Uraloglu said the deal marks the beginning of a new era in Türkiye's railway investments.
He said it is a significant investment that will make Türkiye's railway infrastructure safer, more modern and more sustainable.
Uraloglu added that the project will provide TCDD with 99 new-generation maintenance machines, which will be used for the maintenance and repair of railway lines, switches and catenary systems.
The AIIB was established in January 2016 with a mission to foster sustainable economic development, create wealth, and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors.
