Baku, 26 December 2023 (TDI): As part of a project to boost the construction of the Trans-Caspian International Transport Route (TITR), Azerbaijan is now receiving technical help from the European Investment Bank (EIB).
EIB spokesperson stated that the bank’s branch in charge of operations outside the European Union, EIB Global has been presently offering advisory help for safety enhancements. The safety improvements were being provided at level-crossings across the Baku – Boyuk Kesik Railway Corridor, which serves as a crucial link in the Middle Corridor.
“Azerbaijan Railways will benefit from this advising support in the areas of analysis, intervention prioritization, and design study scoping”, according to the EIB representative.
The EIB delivers this assistance within the framework of the Facility for Eastern Partnership Investment in Connectivity (EPIC). This program gives Eastern partnership nations free technical and advisory support to enhance transportation links.
The European Bank’s official added that EIB Global is prepared to examine funding initiatives in the public and commercial sectors that align with the EU and Azerbaijan’s top priorities for cooperation.
Azerbaijan and the European Investment Bank have been working together since 2014. The bank has spent more than 96 million euros in the country for financing numerous initiatives.
This collaboration is in line with adhering to the rules of the Eastern Partnership (EaP), the European Neighbourhood Policy (ENP), and other bilateral agreements under the EU. The EIB has provided over 120 businesses with funding worth 25 million euros through cooperation with a local bank.
Also Read: Azerbaijan-UK bolster economic cooperation
The Trans-Caspian International Transport Route (TITR) connects Europe with China via the Black Sea and passes through Kazakhstan, the Caspian Sea, Azerbaijan, Georgia, and Turkey. Rail and sea transportation are the two modes of transit used on the TITR constituting a multimodal route.
In 2017, the Trans-Caspian International Transport Route (TITR), also known as the Caspian Sea Corridor and Middle Corridor, started to function. The project is 11,000 kilometers long with currently six million tons of cargo transportation processed annually. It is anticipated that the aforementioned volume will increase to 10 million tons yearly by 2025.
Since the route bypasses Russia, the EU countries have shown keen interest in seeing the route developed. They view it as one of the primary transportation corridors for the delivery of products from China.
The TITR’s expansion offers Azerbaijan a chance to further develop its transit role and become the major transport hub.