European and international financial institutions are allocating €10B to develop the Trans-Caspian transport corridor from China to Europe, bypassing Russia, said Valdis Dombrovskis, Vice President of the EC.
The route will allow goods to be delivered to Europe in 15 days. The EIB has already signed €1.47B in memorandums for loans for the corridor’s development with the governments of Kazakhstan, Kyrgyzstan, and Uzbekistan, as well as the Development Bank of Kazakhstan. The loans are provided under the guarantee of the European Commission. The EBRD also announced the signing of a €1.5B memorandum with Kazakhstan.
The Trans-Caspian Corridor will pass through five countries of Central Asia and the Caucasus and branch off with a land route through Turkey to Europe and a sea route through the Black Sea to Romania and Bulgaria. Odesa and Chornomorsk are included in the sea portion of the corridor.