The construction of "Kanal Istanbul" and similar waterway projects will be carried out within the scope of the build-operate-transfer (BOT) model, with the task assigned to the Transport and Infrastructure Ministry.
The regulation on Kanal Istanbul was included in the Presidential Decree on the Organization of the Communication Office, which came into force after being published in the Official Gazette.
Accordingly, the construction of Kanal Istanbul, which unites the Black Sea and the Sea of Marmara to allow navigation of vessels, and similar waterway projects, have been added to the task and authorities of the Transport and Infrastructure Ministry.
The ministry will ensure that the aforementioned projects are realized through the assignment of capital companies or foreign companies within the framework of the BOT model, provided that high technology or high pecuniary resources are required.
According to the latest plan, the canal will be 45.2 kilometers long through Istanbul's Avcılar, Küçükçekmece, Başakşehir, and Arnavutköy districts. Erdoğan is expected to announce the details of the project soon.
Recently, Turkish authorities decided to cut the width of the planned canal from 400 meters to 275 meters, a move that would reduce the cost of the TL 65 billion ($14.19 billion) project by more than half to TL 30 billion.