BAKU, Azerbaijan, February 12. The European Investment Bank (EIB) has a focus on sustainable connectivity in Central Asia and the transition towards a sustainable, climate-neutral growth model, a source at the EIB told Trend.
"On sustainable connectivity, the EIB will focus on operations related to the [Trans-Caspian International Transport Route] Middle Corridor which are closely aligned with the European Global Gateway strategy and that are complementary to the substantial EIB support already provided on the East-West corridor in South Caucasus," the source said.
According to the bank, the EIB has developed a diverse and fast-growing portfolio in the region with around 1 billion euros in approved projects, and a total of 863 million euros already signed loans.
"The EIB has been actively supporting EU’s priorities in the region both in the public (58 percent) and private (42 percent) sector as set out in the 2019 EU Strategy on Central Asia and more recently in line with the EU Global Gateway strategy. The Bank also co-finances with other financial institutions," the bank said.
Meanwhile, the cooperation between the EIB and Central Asian countries is developing very well. EIB started operations in the region in 2011 in Tajikistan. Since then, the EIB operates in 4 countries in the region, namely Kyrgyzstan, Kazakhstan, Tajikistan, and Uzbekistan. EIB does not have closed a Framework Agreement with Turkmenistan that would provide a legal basis for EIB activities in this country.