EBRD, USAID forge partnership to boost Trans-Caspian transport route development

The European Bank for Reconstruction and Development (EBRD) and the United States Agency for International Development (USAID) have signed a Memorandum of Understanding to advance the development of the Trans-Caspian International Transport Route (Middle Corridor) and bolster connectivity between Asia and Europe via the South Caucasus.

According to the EBRD, this partnership will expand trade, promote green energy initiatives, invest in emerging sectors, and enhance transport and digital infrastructure in Armenia, Azerbaijan, and Georgia, Report says.

The joint effort aims to fortify the Middle Corridor, paving the way for new transformative economic prospects across the region and establishing an alternative transport route to existing commercial corridors, as highlighted in the statement.

The MoU's objectives encompass enhancing the planning, design, and construction of the region's critical energy, transport, digital, and agricultural infrastructure. Additionally, it seeks to streamline customs, tariff, and border operations to boost efficiency, attract private investment into the South Caucasus economies to foster Middle Corridor development and adhere to the highest international standards to cultivate economic ties with Europe and the South Caucasus.

Further cooperation priorities include expanding investments in carbon-neutral energy opportunities and advocating for political and governance reforms to combat corruption and foster greater engagement with civil society.

The Memorandum of Understanding was signed by EBRD's Vice President for Banking, Matteo Patrone, and Erin Elizabeth McKee, Assistant Administrator of USAID's Europe and Eurasia Bureau.