EBRD in talks with Turkmenistan on Middle Corridor-run infrastructure projects (Exclusive)

Turkmenistan Materials 21 June 2024 07:20 (UTC +04:00)
Alyona Pavlenko
Alyona Pavlenko
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BAKU, Azerbaijan, June 21. The European Bank for Reconstruction and Development (EBRD) is discussing possible infrastructure projects related to the Trans-Caspian Corridor (Middle Corridor) with the authorities of Turkmenistan, Regional Head of Kyrgyzstan, Tajikistan and Turkmenistan for the EBRD, Ayten Rustamova told Trend.

"In June 2023, the EBRD published a study that argues that the Trans-Caspian Corridor, which will integrate the countries of Central Asia, could be the best cargo transportation route to complement the Eurasian Northern Corridor. Regional trade within Central Asia, including Turkmenistan, will greatly benefit from the upgrading and expansion of this transport corridor. We believe that Turkmenistan should be part of this undertaking. Our bank is discussing possible infrastructure projects related to the Trans-Caspian Corridor with the authorities of Turkmenistan," she said.

The reports specified that the following investment needs have been identified for Turkmenistan:

Source: The European Bank for Reconstruction and Development

Moreover, Rustamova highlighted that EBRD Vice President for Policies and Partnerships, Mark Bowman, recently met with President of Turkmenistan, Serdar Berdimuhamedov.

"This was the first visit of a high-ranking EBRD official to the country since 2019. Our Bank expressed its readiness to re-engage with Turkmenistan’s private sector not only through advisory projects but also through lending to companies. Historically, the EBRD has a lot of experience in working with local private businesses in Turkmenistan, and we are eager to reengage and expand this cooperation,'' she said.

Rustamova mentioned that the EBRD would also be interested in exploring other areas for cooperation with Turkmenistan, such as water management, green energy, transport connectivity and work through financial intermediaries.

"The Bank can use its experience and resources to support bankable projects, which could address the issue of water scarcity in Turkmenistan. It stands ready to explore the country’s potential for the development of renewable energy and tap into positive experience we have in this field in the neighboring countries of Central Asia," the regional head 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.