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Some of Turkey’s largest banks are reluctant to finance President Recep Tayyip Erdogan’s planned Istanbul canal due to environmental concerns and investment risks on the massive construction project, four senior bankers told Reuters news agency. According to two of these sources, the global sustainability pact signed by Turkey’s six major banks was a barrier to financing the Istanbul Canal, and Erdogan called it his “crazy project” when he put it in a decade ago. The government hopes to start land in the canal in June, which would connect the Black Sea from the north to the Marmara ...

ISTANBUL: Some of Turkey’s biggest banks are reluctant to finance President Tayyip Erdogan’s planned Istanbul canal due to environmental concerns and the investment risks hanging over the massive construction project, four senior bankers told Reuters. Two of the sources said a global sustainability pact that six of Turkey’s top banks have signed was a barrier to funding the Kanal Istanbul, which Erdogan dubbed his “crazy project” when he floated it a decade ago. The government expects to break ground in June on the canal, which would connect the Black Sea to the north with the Marma...

Some of Turkey’s biggest banks are reluctant to finance President Recep Tayyip Erdogan’s planned Istanbul canal due to environmental concerns and the investment risks hanging over the massive construction project, four senior bankers told Reuters news agency. Two of the sources said a global sustainability pact that six of Turkey’s top banks have signed was a barrier to funding the Kanal Istanbul, which Erdogan dubbed his “crazy project” when he floated it a decade ago. The government expects to break ground in June on the canal, which would connect the Black Sea to the north with t...

Turkey’s banks reluctant to finance Erdogan’s canal: Report Al Jazeera English © Six Turkish banks - including Garanti Bank, Is Bank and Yapi Kredi - have signed the United Nations-... Six Turkish banks - including Garanti Bank, Is Bank and Yapi Kredi - have signed the United Nations-backed Principles for Responsible Banking framework, which calls on signatories to avoid harming people and the planet [File: Huseyin Aldemir/Reuters] Some of Turkey’s biggest banks are reluctant to finance President Recep Tayyip Erdogan’s planned Istanbul canal due to environmental con...

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