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Turkish banks do not want to finance Erdogan's channel: Report | Bank News


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 Sea and cover 45 km (28 miles) along marshes, farms and the western edges of the city. . ....

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