Canal Istanbul project scaled back amid Turkish economic woes
Turkey’s proposed Canal Istanbul megaproject is to be scaled back to the tune of 30 billion lira ($6.5 billion), pro-government newspaper Sabah said.
Economic difficulties continue to afflict the country, with high inflation, a weakening currency and several major firms experiencing cash flow difficulties.
The construction of the 48-kilometre canal, or “second Bosphorus”, linking the Black Sea and Aegean Sea, is due to begin next year.
The new changes will reduce its construction cost around a third by narrowing the canal from 400 meters to 275 meters wide, reducing the amount of earth to be removed from 1.7 billion cubic metres to 800 million cubic metres.
This will also reduce the length of the seven proposed bridges across the canal, Sabah said.