Turkey has secured 2.4 billion euros ($2.8 billion) in green financing for a railway project that will directly connect it with Azerbaijan's autonomous Nakhchivan exclave, which borders Armenia, Iran and Turkey.

What happened: The state-run Anadolu Agency (AA) reported on Tuesday that the external financing was secured for the Kars-Igdir-Nakhchivan railway project from a syndicate of international lenders led by Japan’s MUFG Bank. The financing was guaranteed by Swedish and Austrian export credit agencies EKN and OeKB, respectively, as well as Insurance of Investment and Export Credit, an arm of the Islamic Development Bank.

Export credit agencies guarantee financing that supports jobs in the country they represent, meaning that Swedish and Australian companies will be involved in the railway project, though those firms were not named in the AA report.

Finance Minister Mehmet Simsek shared the AA article on his X account on Tuesday, adding, “With the financing we secure from international organizations, we are strengthening our country's infrastructure, enhancing our competitiveness and efficiency.”