Erdoğan says Canal İstanbul financing to continue regardless of his future

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The construction of the first of the six bridges planned to cross Canal İstanbul started on Saturday (June 26) with a ceremony attended by President and Justice and Development Party (AKP) Chair Recep Tayyip Erdoğan.

Giving a speech at the ceremony, Erdoğan explained why the canal was necessary and responded to the opposition's criticism. Today's realities, such as threats to the Bosphorus and İstanbul from growing maritime commerce, made the canal a necessity, he asserted.

The president said the number of ships going through the Strait of İstanbul annually has jumped from 3,000 in the 1930s to 45,000 today, adding projections foresee up to 78,000 ships possibly making the journey by 2050, with each large ship posing a serious risk to İstanbul.

The Bosphorus, according to calculations, offers a safe passage to 25,000 ships, he related.

Financing debate

"They are threatening banks and even countries interested in this project: 'We are coming. You should know that we won't make payments once we come.' What rudeness is this?" Erdoğa remarked.

"They'll take this money from you by force through international arbitration. Learn about this. They are rookies in the true sense," he added.

Republican People's Party (CHP) Chair Kemal Kılıçdaroğlu has said that they will stop paying for the project once they assume power after the 2023 elections.

Kılıçdaroğlu responded to Erdoğan on Twitter, saying, "Erdoğan, you finally said why are you running in the elections. You told the foreigners, 'You'll get your money by force.' They can't force us, Erdoğan."

CHP Spokesperson Faik Öztrak reiterated also that "we won't pay a dime" for the project. Turkey would win the cases at the International Court of Arbitration, he added.

Öztrak also said Erdoğan's remarks showed he acknowledges that the CHP is coming to power.

New settlement areas

The project will also meet the need for alternative settlement areas required for earthquake preparedness as it will provide residential areas with a capacity of 500,000 people, the president further said.

Erdogan also voiced hope that the residential areas planned to be built on both sides of the canal would remove the pressure in the city center.

He said the project would be one of the most environmentally friendly projects in the world whereas critics have pointed out that such settlements would cause a significant loss of natural and agricultural areas.

The cost

The project is aimed to be completed in six years at a cost of approximately 15 billion US dollars, the president said.

"Canal İstanbul will easily finance itself with the income to be obtained from the ships passing through it and the income to be obtained from other elements, especially via the port as part of the project."

CLICK - 'All buildings at risk can be repaired with Canal İstanbul's budget'

Sazlıdere Bridge is going to be one of the six bridges planned to be built over the Canal İstanbul, which will have a length of about 45 kilometers (28 miles), a minimum base width of 275 meters (902 feet), and a depth of about 21 meters (69 feet).

He further said studies showed that the vessel traffic in Canal İstanbul would be 13 times safer than that in the Bosphorus.

The container port and logistics center, which will be located just to the right of the Black Sea exit of the canal, would bring a breath of fresh air to the foreign trade of Turkey, he also said, adding that the recreation and renewable energy area to the left of the Black Sea exit would add a special value to İstanbul.

(AS/RT/VK)