EU pledges over €10 billion for Trans-Caspian corridor development

The European Union, alongside international financial institutions, is set to invest over €10 billion in the development of the Trans-Caspian Transport Corridor, EU High Representative for Foreign Affairs Kaja Kallas announced.

The statement was made during a press conference following the 20th Meeting of EU and Central Asian Foreign Ministers, held on March 27 in Ashgabat, Turkmenistan, Caliber.Az reports via foreign media. 

"The development of the Trans-Caspian Transport Corridor is a major ongoing project. European and international financial institutions are prepared to invest over €10 billion in this initiative," Kallas stated.

She underscored the EU's commitment to strengthening ties with Central Asian countries, emphasizing that the bloc remains the largest investor in the region.

Beyond infrastructure projects, Kallas highlighted the importance of expanding cooperation in various sectors, including youth exchange programs and strengthening business and academic ties.

The Trans-Caspian International Transport Route (TITR) is a key route connecting China to Europe via Central Asia and the South Caucasus, bypassing Russia. It is part of the EU’s broader efforts to enhance connectivity and economic cooperation with the region, particularly in light of shifting global trade dynamics.

The EU’s increased focus on the corridor aligns with its Global Gateway strategy, aimed at mobilizing substantial public and private investments in infrastructure projects worldwide. The funding injection is expected to enhance logistics, reduce transit times, and facilitate trade along this strategic route.

The 20th Meeting of EU and Central Asian Foreign Ministers also addressed broader regional cooperation, economic development, and the role of European investments in fostering stability and growth in Central Asia.

By Khagan Isayev