Turkish President Recep Tayyip Erdogan attended the groundbreaking ceremony of a bridge that marks the first move to build his crazy project "Canal Istanbul", as he hopes the high risk project will win public and foreign support.
Politically, Erdogan hopes the mega project breathes new momentum into the economy, creates jobs and boosts his popularity ahead of the 2023 presidential elections, with speculation that China and his regional ally Qatar could play a role in funding it.
While Reuters reported that some local banks were reluctant to finance the canal project citing investment risks, Turkish media have way far speculated about the possible involvement of Chinese and Qatari investment and financing for the project.
Analysts believe that the project that is expected to cost $15 billion has further divided the already highly fractured country and poses geopolitical issues. The controversial project is dividing the Turkish public on many fronts, encompassing environmental and financial issues as well as national security.
Canal Istanbul is widely regarded by experts as Erdogan's greatest infrastructure challenge, coming with an ailing economy waylaid by the coronavirus, a plunging Turkish lira, and record low public support according to multiple polls.
Opposition parties are fiercely against the canal, mounting threats such as vowing not to pay for it and pledging to distance themselves from any country or company who backs it should they come to power.
A day before the groundbreaking ceremony, Istanbul's mayor, Ekrem Imamoglu, who belongs to Turkey's main opposition party and actively campaigned against the canal said in a press conference "we are facing the risk of damaging the environment, people and Istanbul as well as the risk of destroying the entire Sea of Marmara".
According to a poll by Istanbul Economics Research, 58% of respondents disapprove of the project, up five percentage points compared to seven months ago.
Retired Turkish admirals and diplomats have also warned the canal could trigger an unwanted challenge to the Montreux Convention, which further regulates the passage of military vessels from the Turkish Straits.
Life defenders and several occupational organizations as well as the opposition, including İstanbul Metropolitan Mayor Ekrem İmamoğlu, have been objecting to the project that foresees an artificial sea-level waterway between the Black Sea and Marmara Sea, which has been recently troubled with the mucilage or 'sea snot' problem.
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