BAKU, Azerbaijan, June 22. The Asian Infrastructure and Investment Bank (AIIB) stands ready to support various initiatives throughout the development of the Trans-Caspian International Transport Route (TITR), Ludger Schuknecht, Vice President, Corporate Secretary at the AIIB, told Trend.
"The Middle Corridor is indeed a pivotal project for the region. In principle, we are prepared to participate in various Middle Corridor initiatives. Regarding Azerbaijan specifically, we are in an earlier phase, but we are prepared in general. There are other countries in the region where discussions have advanced further, and some projects are already underway. However, I am confident that the region will develop positively through the Middle Corridor," he said.
According to Schuknecht, the AIIB can support various high-quality projects such as railroads, ports, energy infrastructure, and energy transmission. "A well-functioning Middle Corridor necessitates robust energy transmission and road infrastructure".
He pointed out that the key requirement is that these projects meet the bank's international standards, which serve as a seal of approval and guarantee of quality for Azerbaijan and other Caucasus countries.
"Therefore, we are capable of supporting all the initiatives, but I refrain from making assumptions because it is ultimately up to the government of Azerbaijan and its private sector clients to decide how they wish to engage with us. We are ready to engage in discussions and take action, always prioritizing the needs and preferences of our clients," the VP added.
The Middle Corridor is a transportation and trade route that connects Asia and Europe, passing through several countries in the region. It is an alternative route to the traditional Northern Corridor and Southern Corridor.
The route starts in China and crosses Central Asian countries such as Kazakhstan, Uzbekistan, and Turkmenistan. It then passes through the Caspian Sea, Azerbaijan, Georgia, and Türkiye before reaching Europe.