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Exclusive: Turkey's banks shy away from Erdogan's 'crazy' canal – sources | WSAU News/Talk 550 AM · 99.9 FM

Exclusive: Turkeyâs banks shy away from Erdoganâs âcrazyâ canal â sources
By Syndicated Content
By Ebru Tuncay and Can Sezer
ISTANBUL (Reuters) â Some of Turkeyâs biggest banks are reluctant to finance President Tayyip Erdoganâs 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 Turkeyâs top banks have signed was a barrier to funding the Kanal Istanbul, which Erdogan dubbed his âcrazy projectâ 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 Marmara Sea to the south, running 45 km (28 miles) through marshland, farms and towns on the western edge of the city. ....

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Turkey's banks said to shy away from Erdogan's 'crazy' canal

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 Marmara Sea to the south, running 45 km (28 miles) through marshland, farms and towns on the western edge of the city. ....

Black Sea , Oceans General , Primorskiy Kray , United States , Bosphorus Strait , Vladimir Putin , Yapi Kredi , Tayyip Erdogan , Ibrahim Kalin , Ak Party , Ziraat Bank , Garanti Bank , Montreux Convention , Union Of Chambers Turkish Engineers , A Finance Ministry , President Tayyip Erdogan , Kanal Istanbul , Marmara Sea , Responsible Banking , Finance Ministry , Turkish Engineers , President Vladimir Putin , Al Ahsa , Al Kharj , Khalij Times , Gulf News ,

Turkey's banks reluctant to finance Erdogan's canal: Report | Banks News

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 the Marmara Sea to the south and which would run 45km (28 miles) through marshland, farms and towns on the western edge of the city. ....

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Turkey's banks reluctant to finance Erdogan's canal: Report

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 concerns and the investment risks hanging over the massive construction project, four senior bankers told Reuters news agency. ....

Black Sea , Oceans General , Primorskiy Kray , United States , Bosphorus Strait , Vladimir Putin , Yapi Kredi , Tayyip Erdogan , Ibrahim Kalin , Ziraat Bank , Garanti Bank , Montreux Convention , Union Of Chambers Turkish Engineers , Development Party Ak , A Finance Ministry , Six Turkish , United Nations Backed Principles , Responsible Banking , President Recep Tayyip Erdogan , Kanal Istanbul , Marmara Sea , Finance Ministry , Turkish Engineers , President Vladimir Putin , Development Party , கருப்பு கடல் ,

EXCLUSIVE Turkey's banks shy away from Erdogan's 'crazy' canal - sources

EXCLUSIVE Turkey's banks shy away from Erdogan's 'crazy' canal - sources
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.

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