EU Global Gateway commits €10 billion to Trans Caspian Transport Corridor

Brussels, Belgium (Ports Europe) January 29, 2024 - The Global Gateway Investors Forum for EU-Central Asia Transport Connectivity opened today in Brussels. It opened with European Commission Executive Vice President Valdis Dombrovskis announcing that European and international financial institutions will commit €10 billion in support and investments towards sustainable transport connectivity in Central Asia. The Forum contributes to the long-term objective of making the Trans-Caspian Transport Corridor a multimodal, modern, competitive, sustainable, predictable, smart and fast route linking Europe and Central Asia in 15 days or less. Russia's invasion of Ukraine On February 24, 2022, Russia invaded neighbouring Ukraine and the war is ongoing. Western countries responded quickly with political and economic sanctions which have steadily increased. One key result is that the European Union and other countries have reduced trade with Russia to a minimum. This has focussed on reducing energy imports from Russia to a minimum. Moscow’s trade with these countries has reduced massively, to the extent that Russia has looked to expand trade elsewhere. It now focusses on Asia. This means that land-based trade routes need to be developed with several regional countries to facilitate the movement of extra cargo efficiently. To succeed, numerous issues need to be addressed: political agreements regionally, public and private participation, digitalisation, and financial investment in seaports, railways and other logistics infrastructure. The EU has a clear understanding of the urgency to find alternative trade routes between Europe and Asia that do not transit Russia. As well as opening new possibilities for businesses, the development of transport connectivity is also a means to strengthen the regional development of Central Asia. The €10 billion commitment is a mixture of ongoing and planned investments which, following extensive consultations with international partners present at the Forum, the European Commission foresees to be mobilised for sustainable transport development in Central Asia in the short term. In concrete terms, several significant commitments are being made on the first day of the Forum as part of the overall €10 billion. These include: The European Investment Bank (EIB), represented by its Vice President Teresa Czerwińska, signed Memoranda of Understanding totalling €1.47 billion with the Governments of Kazakhstan, Kyrgyzstan and Uzbekistan as well as the Development Bank of Kazakhstan. These loans will be made possible by guarantees provided by the European Commission. Later today, the European Bank for Reconstruction and Development (EBRD), represented by its Vice President Mark Bowman, will sign a Memorandum of Understanding with Kazakhstan, with an investment pipeline worth €1.5 billion. More Ports Europe news about transport corridors in Europe-Asia Copyright (C) Ports Europe. All Rights Reserved. 2024.

EU Global Gateway commits €10 billion to Trans Caspian Transport Corridor

All news

Endesa receives OPS equipment for cruise ships in Cadiz port

Euroports orders Konecranes equipment for Ghent terminal

Port of Bilbao to proceed with cold ironing

Below target 53 mln tonnes of oil shipped via CPC terminal, Novorossiysk

Court supports asphalt bitumen terminal in Alicante port

Our Expert Analysis

Latest Free Reads

Top Ports

EU Global Gateway commits €10 billion to Trans Caspian Transport Corridor

Share this news:

All news

Endesa receives OPS equipment for cruise ships in Cadiz port

Euroports orders Konecranes equipment for Ghent terminal

Port of Bilbao to proceed with cold ironing

Below target 53 mln tonnes of oil shipped via CPC terminal, Novorossiysk

Court supports asphalt bitumen terminal in Alicante port

Our Expert Analysis

Latest Free Reads

Top Ports