EU to invest up to €12 billion in developing Middle Corridor

The European Union plans to attract up to €12 billion in public and private investment to develop the Middle Corridor, a route designed to directly connect the South Caucasus and Central Asia with the European market, European Commission President Ursula von der Leyen has said.

In her State of the Union address to the European Parliament, she outlined that this will be a new international connectivity project, Caliber.Az reports, citing local media.

“It will directly connect the South Caucasus and Central Asia with the European market - what we call the Middle Corridor," von der Leyen noted.

She stated that the EU plans to use the Global Gateway initiative to attract up to €12 billion in investment for the project.

"Our goal is to diversify routes, triple trade flows and sharply reduce cargo transit times by 2030," von der Leyen remarked.

Von der Leyen also announced a regional connectivity summit to be held jointly with Bulgarian Prime Minister Rumen Radev. She also said the meeting would focus on turning the project into a practical reality.

The Middle Corridor passes through Central Asia, the Caspian Sea and the South Caucasus and is regarded by the EU as one of the routes for diversifying trade links.

For Brussels, developing transport and other infrastructure in the region is also part of efforts to strengthen economic ties with Central Asian and South Caucasus countries.

Von der Leyen linked the development of these partnerships to changes in the international system and the need for the EU to independently strengthen the resilience of its supply chains and protect its economic interests.

By Bakhtiyar Abbasov