ECONOMY

Erdogan’s Kanal faces funding woes

erdogan-s-kanal-faces-funding-woes

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.

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. [Reuters]