EU to invest funds in Trans-Caspian transport corridor development

The European Commission and the European Investment Bank intend to invest the funds in strategic transport infrastructure facilities in Central Asia.

EU Commissioner for Trade Valdis Dombrovskis has said that the European Commission and the European Investment Bank intend to invest 1.5 billion euros ($1.6 billion) in strategic transport infrastructure facilities in Central Asia to create a transport corridor from the region, Report informs.

Dombrovskis made these remarks while opening the two-day Global Gateway Transport Investment Forum in Brussels, dedicated to a transport route between the EU and Central Asia.

“A transport corridor stretching 11,000 kilometres must connect our regions with a travel time of 15 days or less. We must make this corridor competitive. We intend to achieve concrete results. Therefore, the European Commission and the European Investment Bank intend to invest 1.5 billion euros in the transport capabilities of Central Asia,” the EU trade commissioner said.

Dombrovskis announced that the representatives of the European and international financial institutions participating in the forum will allocate 10 billion euros ($10.8 billion) to support and invest in sustainable transport connectivity in Central Asia.

The forum organisers say that it is necessary to transform the Trans-Caspian transport corridor into a modern, multimodal and efficient route connecting Europe and Central Asia within 15 days.