24.02.08EU, CA Nations to Invest EUR10 Bil. to Develop Trans-Caspian Route

The European Union (EU) and Central Asian nations will jointly invest EUR10 billion to transform the Trans-Caspian Transport Corridor into a fast, sustainable route connecting Europe and Central Asia. It was unveiled at the Global Gateway Investors Forum for EU-Central Asia Transport Connectivity held in Brussels on Jan 29-30.

At the conference, the European Investment Bank (EIB) signed memorandums of understanding (MoUs) for co-financing the project with Kazakhstan, Uzbekistan and Kyrgyzstan for a total of EUR1.47 billion. They included a EUR500-million one with Kazakhstan’s transport ministry and a EUR320million one with the Development Bank of Kazakhstan.

Also, agreements were reached between German railway consulting firm DB Engineering and Consulting and the International Association "Trans-Caspian International Transport Route" (TITR) and the European Bank for Reconstruction and Development (EBRD) and Kazakhstan.