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30 Jan, 2024 05:56

EU pledges to spend billions on trade route bypassing Russia

The bloc intends to turn the Trans-Caspian transport corridor into a “cutting-edge” route to Central Asia
EU pledges to spend billions on trade route bypassing Russia

The EU plans to raise up to €10 billion ($10.8 billion) in investment to create a transport corridor to Central Asia through the South Caucasus and Türkiye that bypasses Russia, the European Commission announced on Monday at a forum devoted to developing the route.

According a statement released by the European Commission, Brussels is currently ready to allocate €2.97 billion for the purpose.

For additional funding, the European Investment Bank has reportedly signed memorandums of understanding totaling €1.47 billion with the governments of Kazakhstan, Kyrgyzstan and Uzbekistan, as well as the Development Bank of Kazakhstan. 

Meanwhile, the European Bank for Reconstruction and Development is expected to sign a memorandum of understanding with Kazakhstan regarding an investment pipeline worth €1.5 billion for projects already being prepared to develop transport connectivity in Central Asia. 

The two-day Investors Forum for EU-Central Asia Transport Connectivity, which began in Brussels on Monday, is expected to address the investment that will be necessary to transform the Trans-Caspian transport corridor into “a cutting-edge, multimodal, and efficient route, connecting Europe and Central Asia.”

According to the statement, the bloc is urgently trying to find alternative trade routes between Europe and Asia that could bypass Russia.

For more stories on economy & finance visit RT's business section

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