BAKU, Azerbaijan, May 13. The International North-South Transport Corridor (INSTC) attracts new participants due to global geopolitical shifts, Trend reports via the Canadian EurAsian Times analytical resource.
"Given the diminished safety of the Red Sea commerce route, this corridor may appeal to third countries,” the publication noted.
Experts from the publication note that the rapid development of INSTC has gained momentum following the implementation of anti-Russian sanctions by Western nations.
“With this massive undertaking, the South Caucasus, a vital cargo transit route, will gain importance. Modernizing INSTC roads and trains is a priority for Azerbaijan," the edition indicated.
According to the analysts, the International North-South Transport Corridor holds promise to transform the lives of millions within the region, ushering in fresh prospects for economic engagement and mobility.
The article reports that Russia will provide funding for the construction of the Iranian Rasht-Astara railway, a segment of the corridor, with an allocation of approximately 1.3 billion euros.
To note, the development of the INSTC has been ongoing since 2000, with participation from 14 countries.