Erdogan won't admit it, but Canal Istanbul dream is over
Canal Istanbul, the Turkish president's "crazy project," appears destined for the bin amid Turkey’s economic turmoil, but don't expect its shelving to be officially acknowledged.
Will President Recep Tayyip Erdogan go ahead with his “crazy project” — a $10 billion artificial waterway called Canal Istanbul — despite the economic turmoil gripping Turkey? The “official” answer is shrouded in uncertainty, but economists interviewed by Al-Monitor believe that an indefinite postponement is inevitable for the project, meant to link the Black and Marmara seas as an alternative to the Bosporus Strait, given the external financing hardships that Turkey faces.
According to government officials, the planned waterway aims to reduce safety risks for Istanbul by rerouting traffic from the tanker-clogged Bosporus and contribute to economic growth. Ever since Erdogan unveiled the project ahead of the 2011 general elections, it has been under fire over concerns of massive environmental damage.
