EU’s €10 Billion Investment in Trans Caspian Transport Corridor
The Global Gateway Investors Forum for EU-Central Asia Transport Connectivity kicked off on January 29 in Brussels, with the participation of governments, financing institutions, businesses and civil society from Europe, Central Asia and other regions. The aim of the Forum is to strengthen sustainable transport connectivity in Central Asia, with a commitment of €10 billion in support and investments from European and international financial institutions.
The Executive Vice President of the European Commission, Valdis Dombrovskis, announced the substantial financial commitment at the Forum. The focus will be on transforming the Trans-Caspian Transport Corridor into a state-of-the-art, multimodal, and efficient route, linking Europe and Central Asia within a 15-day timeframe.
The recent events in Ukraine have highlighted the need for alternative and reliable trade routes between Europe and Asia that do not involve Russia. Developing transport connectivity not only opens up new opportunities for businesses but also contributes to regional integration and economic development in Central Asia. The Investors Forum aims to prioritize transport connections that adhere to all aspects of sustainability, in line with the trusted connectivity principles of Global Gateway.
The €10 billion commitment consists of ongoing and planned investments, with a focus on mobilizing resources for sustainable transport development in Central Asia in the near future. Significant commitments on the first day include the European Investment Bank (EIB) signing Memoranda of Understanding totaling €1.47 billion with the Governments of Kazakhstan, Kyrgyzstan, Uzbekistan, and the Development Bank of Kazakhstan. Additionally, the European Bank for Reconstruction and Development (EBRD) signed a Memorandum of Understanding with Kazakhstan, with an investment pipeline worth €1.5 billion.
These commitments mark a significant step towards achieving sustainable transport connectivity in Central Asia, and it is expected that more partnerships and investments will follow in the near future as a result of the discussions and agreements at the Global Gateway Investors Forum.
