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    EU-CA Investors Forum announces €10bn to boost Central Asian transport infrastructure

    EU-CA Investors Forum announces €10bn to boost Central Asian transport infrastructure

    During the Global Gateway Investors Forum for EU-Central Asia Transport Connectivity opening, Executive Vice President of the European Commission, Valdis Dombrovskis, announced that European and international financial institutions present at the forum will allocate €10bn to support and invest in sustainable transport links in Central Asia.  The Global Gateway Transport Investors Forum, focusing on transport links between the European Union and Central Asia, commenced in Brussels on January 29 and is scheduled to last two days, according to the European Commission press service. 

    Photo: European Commission pledges €10bn to boost Central Asian transport infrastructure 
    Source: Gazeta.uz

    Delegates and participants

    The event sees participation from Central Asian government delegations led by Uzbek Deputy Prime Minister Jamshid Khodjaev, Kyrgyz Deputy Chairman of the Cabinet of Ministers Bakyt Torobaev, Minister of Transportation of Kazakhstan Marat Karabayev of Kazakhstan and Azim Ibrohim of Tajikistan, and Deputy Director-General of the Transport and Communications Agency under the Cabinet of Ministers of Turkmenistan Batyr Annayev. The European Union High Representative for Foreign Affairs and Security Policy, Josep Borrell, is also participating in the forum.

    Over two days, participants will discuss investments to transform the Trans-Caspian Transport Corridor into an efficient multimodal route connecting Europe and Central Asia, to enable cargo to traverse this corridor in 15 days.
    Photo: European Commission pledges €10bn to boost Central Asian transport infrastructure
    Source: Gazeta.uz

    Trans-Caspian Transport Corridor

    The Trans-Caspian Transport Corridor, also known as the Middle Corridor, connects Asian countries via the Caspian Sea with European countries and runs through China, Kazakhstan, Azerbaijan, Georgia, and Turkey, among others. This route serves as an alternative to overland routes passing through the territories of Russia, Belarus, and Poland.

    Need for alternative routes

    The urgency of finding alternative, reliable, and efficient trade routes between Europe and Asia that do not pass through Russia has been underscored by Russia’s invasion of Ukraine. The development of transport connectivity not only opens up new business opportunities but also strengthens regional integration and economic development in Central Asia. Hence, the Investors’ Forum focuses on transport links that comply with all aspects of sustainable development and the Global Gateway principles of reliable connectivity, as stated by the EC.

    Photo: European Commission pledges €10bn to boost Central Asian transport infrastructure
    Source: Daryo

    Investment plans

    The €10bn commitment is a blend of current and planned investments that the European Commission, in consultation with international partners present at the forum, anticipates mobilising for sustainable transport development in Central Asia in the short term.

    Day one commitments

    On the first day of the forum, several commitments were made within the framework of a total amount of €10bn. The European Investment Bank (EIB), represented by its Vice President Teresa Czerwinska, signed a memorandum of understanding totalling €1.47bn with the governments of Kazakhstan, Kyrgyzstan, and Uzbekistan, as well as the Development Bank of Kazakhstan. These loans will be facilitated by guarantees provided by the European Commission.

    Later today, the European Bank for Reconstruction and Development (EBRD), represented by its Vice-President Mark Bowman, will sign a memorandum of understanding with Kazakhstan with a €1.5bn investment portfolio, with projects to develop transport links in the Central Asian region already in the pipeline.

    “The Investors’ Forum is an important milestone in the EU-Central Asia partnership, bringing together public and private investors from both regions to kick-start work on the Trans-Caspian Transport Corridor, which will connect Europe and Central Asia in a fast, safe, and sustainable way. This ambitious transport network will contribute to economic growth, local job creation, and regional integration,” said European Commission Vice-President Margaritis Schinas.

     

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    29.01.2024, 18:11   Comments (0)   1522
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