BAKU, Azerbaijan, February 1. The EU has identified 33 areas for investing in the physical infrastructure of segments of the Trans-Caspian International Transport Route (TITR, or Middle Corridor), Trend reports via the EU Commissioner for Transport Adina Valean.
"The modern TITR is a cornerstone of the EU's efforts to promote regional economic integration and improve connections with Europe. We have identified 33 investment needs for the TITR infrastructure, ranging from the modernization of railways to increasing the capacity of ports on the Caspian Sea and upgrading the fleet," said Valean.
To note, the EU is ready to allocate 10 billion euros for the development of the TITR.
The Chief Operating Officer of the Baku International Sea Trade Port, Eugene Seah, also participated in a meeting at the EU investment forum on the TITR in Brussels. He informed me about the expansion of the port's capacity to 25 million tons per year, including through attracting foreign financing. This expansion is expected to enhance the efficiency and sustainability of the TITR.
The TITR has been operational since 2014, and in 2023, it transported over 2.7 million tons of cargo.
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