EIB to Invest €1.5 Billion in Central Asia Transport Development
The European Investment Bank has announced that it will allocate €1.5 billion to co-finance transport projects in Uzbekistan, Kazakhstan, and Kyrgyzstan. This initiative is aimed at developing and improving transportation infrastructure in these countries. The European Bank has already signed memoranda of understanding for co-financing transport projects with the mentioned countries, as well as the Development Bank of Kazakhstan, totaling 1.47 billion euros.
According to the press service of the Delegation of the European Union to Uzbekistan, the EIB’s Vice-President Teresa Czerwinska emphasized the importance of transport in modern economies, stating that it facilitates the mobility of people and enables the exchange of goods, capital, and services between countries in the region.
This co-financing commitment by the EIB is part of a larger effort by European and international financial institutions to invest €10 billion in developing transportation links between the regions of Europe and Central Asia. The focus will be on transport projects such as the Trans-Caspian Transport Corridor.
It is worth noting that the European Investment Bank has a strong track record in financing transport projects, having invested 136.5 billion euros in such projects around the world over the past decade.
This announcement bodes well for the future development of transportation infrastructure in Uzbekistan, Kazakhstan, and Kyrgyzstan, and is seen as a positive step towards improving connectivity and economic growth in the region.
