Europe's £20bn waterway to rival the Suez Canal that will turn major city into an island

The project is expected to cost £20 billion. (Image: Getty)

Europe could be set for a Suez Canal of its own as one of the largest countries on the continent plans an ambitious project that could revolutionise trade. Turkey is hoping that its Istanbul Canal project, announced by President Recep Tayyip Erdogan in 2021, could transform the city into the centre of global trade and expand the country’s influence around the world.

At an estimated cost of £20 billion, the canal would bisect the European side of Istanbul, effectively forming an island between Asia and Europe. Despite being initially met with scepticism, Turkish authorities have progressed with plans as they pursue goals of enhancing Turkey’s economy and growing global influence. Set to be built in Istanbul’s western domain, the corridor is expected to forge a navigable link between the Black Sea and the Sea of Marmara.

Work is underway on the canal and surrounding infrastructure of the ambitious project (Image: Getty)

Speaking as he announced the ambitious project, President Erdogan proudly labelled the plans as his "crazy project," as he set out the benefits it could bring.

He declared: "Today we are opening a new page in the history of Turkey's development. We see Canal Istanbul as a project to save the future of Istanbul... to ensure the safety of life and property of Istanbul's Bosphorus and the citizens around it."

Projected to measure a staggering 45 kilometres in length, the canal's breadth will vary from 400 metres to a sweeping 1000 metres, at a depth as deep as 25 metres.

It will also be straddled by six bridges, seamlessly connecting it to Istanbul’s European expanse.

With hopes of ushering through 160 vessels or oil tankers each year, the canal is poised to relieve the congested Bosphorus Strait of some of its maritime burdens.

It is hoped that the project will reduce traffic on the Bosphorus Strait. (Image: Getty)

A fully operational canal at the intersection of Europe and Asia, set to be completed in 2027, could elevate Turkey’s influence to levels surpassing that of the Ottoman Empire.

It is hoped that its strategic positioning will draw many commercial and tourism ventures, further boosting the city's economic outlook.

Of the anticipated £20 billion outlay, £8 billion has been allocated for developing the areas and infrastructure on either side of the canal, with the remaining £12 billion set to fund the building of the canal itself.

Turkey is fast establishing itself as a significant figure in global diplomacy, playing a key role in negotiations between Ukraine and Russia and Israel and Hamas, whilst also boasting the second largest army in NATO.

The addition of a vital piece of infrastructure to global trade in Turkey's biggest city could further enhance its status as a major player on the world stage.