The EU, through its structures, will allocate 10 billion euros for the development of TITR

The EU, through its structures, will allocate 10 billion euros for the development of the Trans-Caspian International Transport Route (TITR), European Commissioner for Trade Valdis Dombrovskis said on January 29 in Brussels at the Global Gateway global investment forum.

Trend reported this on Monday with reference to Dombrovskis’s page on social networks.

“The 11,000-kilometer-long transport corridor is designed to connect our regions with travel times of about 15 days or less. We must make this corridor competitive. International partners are committed to providing 10 billion euros to develop this sustainable connection with the countries of Central Asia,” he said.

During the forum, the European Investment Bank (EIB) signed contracts with the governments of Kazakhstan, Kyrgyzstan and Uzbekistan for a total amount of 1.47 billion euros.

In addition, the European Bank for Reconstruction and Development (EBRD) signed a Memorandum of Understanding with Kazakhstan totaling €800 million.

It should be noted that the investment forum brought together high-ranking representatives of the European Commission, EU member states, countries of Central Asia, the Caucasus and Turkey.

Also among the forum participants are G7 countries, financial institutions and the private sector.

Let us recall that the Trans-Caspian transport route (Middle Corridor) was created in February 2014 at the initiative of Azerbaijan, Kazakhstan and Georgia.

In 2023, over 2.7 million tons of cargo passed through TMTM. Its throughput will be increased to 10 million tons per year.

Source: https://www.trend.az/business/transport/3854734.html