Canal Istanbul project: $1B estimated to be generated
A mega-project to build a canal through Istanbul, Turkey, will provide safe passage to 185 ships daily, compared to 118-125 ships through Bosphorus Strait, Turkey's transport minister said on Monday.
"An estimated total of $1 billion per year will be collected from ships passing through Canal Istanbul," Cahit Turhan told Anadolu Agency.
Some 50,000 ships are expected to pass through the canal in 2035, 70,000 in 2050 and 80,000 in 2070, he said, adding that Turkey would earn $5 billion from the passage of 50,000 vessels.
An additional $250 million is expected to be generated in ports and logistic centers, Turhan added.
To note, the planned 45-kilometer (nearly 28-mile) canal to be built west of the city center on the European side of the Istanbul province, aims to boost the city's marine through-traffic capacity.
According to him, construction on Canal Istanbul begins in 2020, it would be completed in 2025-2026. The canal's construction cost is estimated at $10 billion. An area of nearly three million square meters will be rented as commercial areas and this is also expected to create $3 billion of yearly income.
Source: Anadolu Agency