President of the Republic of Turkey Recep Tayyip Erdogan, taking part in the opening ceremony of the «branch» of the Kagithane metro-the New Airport, officially announced how things are currently going with the construction of the Istanbul Canal.
The canal will be laid in stages, four stages are planned. In addition to its economic significance, the project is also focused on ensuring that neither its construction nor operation harm the environment. In addition to the project, the cost of which has increased to $20 billion, there will also be associated transport networks.
The future new waterway is also taken into account in its activities by the TOKI Department of Mass Housing Construction, which is also engaged in the development of territories adjacent to the future «alternative to the Bosphorus».
So, despite the rumors about the suspension or freezing of work on the Istanbul Canal, Mr. President assured, this large-scale project will definitely be completed. By contributing to the country's economy, reducing the load of the Bosphorus Strait, as well as increasing the value of Istanbul as a brand in the eyes of the whole world.
We have already told you how important the Istanbul Channel will be, in particular, for expanding cooperation with Panama.
This infrastructure project is also significant for the real estate sector, since it is actively «overgrown» with housing projects.