BAKU, Azerbaijan, May 30. The European Bank for Reconstruction and Development (EBRD) will consider supporting additional projects along the Trans-Caspian International Transport Route (TITR), or the so-called Middle Corridor, Alkis Vryenios Drakinos, Director, Regional Head of the Caucasus for the EBRD, told Trend.
"Being a demand driven institution, the EBRD will consider supporting additional projects along the Middle Corridor provided these projects are bankable and meet our required governance, transparency, environmental and procurement standards. Eligible projects in support of this project addressing either transit, trade and energy potential or infrastructure gaps in the same sectors may be forwarded to the EBRD for consideration by any among the three South Caucasus countries as well as from Central Asia," he said.
According to Drakinos, over the years, the EBRD has been supporting projects promoting connectivity among all its 38 countries of operations. "Connectivity is in fact a priority theme in most of our Country Strategies. I personally align myself with those that see connectivity as a key driver for economic growth and prosperity as well as a means of increasing the understanding and cooperation among countries and peoples," he said, adding that the South Caucasus plays particularly important role in this process.
"I am fully aware of the strategic importance of the South Caucasus region in increasing substantially international trade across sectors including renewable energy, playing a catalytic role as a bridge connecting Asia with Europe as well as within the South Caucasus region countries. More particularly, Azerbaijan’s geographical location, infrastructure networks, economic resilience, natural resources wealth, and renewables potential, positions the country in the epicenter of the Middle Corridor," Drakinos pointed out.
The EBRD rep further added that, to date, the bank has supported Azerbaijan’s transit potential along the Middle Corridor by signing a financial package of 38.7 million euros for ASCO shipping company, to finance the acquisition of two vessels that will be navigating through the Black Sea trading food commodities from South America towards Central Asia through Georgia’s ports in the Back Sea, and then via trucks or trains to the port of Baku crossing the Caspian until their final destination.
Meanwhile, the EBRD has announced its commitment to invest up to 1.5 billion euros in the infrastructure development of the Middle Corridor. The bank anticipates that the current investment volume in the project will be implemented in the coming 2-3 years.
At the same time, the EBRD study on the TITR's potential estimates that, by 2040, the cargo throughput along the route is poised for a substantial surge from its current level of nearly 20,000 20-foot equivalent units (TEUs).