Erdogan won’t admit it, but Canal Istanbul dream is over

Source:al Monitor Date:28Oct2018

Wolfango Piccoli, the London-based Co-President of Teneo Intelligence, said, “Despite possible loan guarantees from the Turkish treasury, it will be a real struggle for Turkey to find international lenders willing to put up money on new megaprojects in the country. It was already difficult before — no foreign lender is involved in the financing of Istanbul’s new airport — and it is virtually impossible now, given the worsening external backdrop for emerging markets and the growing challenges that the Turkish economy is facing. This will be especially true for projects like Canal Istanbul, which are controversial on environmental grounds and have no clear economic rationale.”