The European Investment Bank (EIB) has signed memorandums of understanding on co-financing transportation projects with Uzbekistan, as well as with Kazakhstan, Kyrgyzstan, and the Development Bank of Kazakhstan, totaling 1.47 billion euros, the press service of the European Union Delegation in Uzbekistan reports.
The signing took place at the Global Gateway Investors Forum on Transport Connectivity between the European Union and Central Asia, held on January 29-30 in Brussels.
It is expected that the financing will mobilize additional capital, resulting in overall support for sustainable transport projects in Central Asia amounting to €3 billion. The EIB will also share its global long-term experience in this sector with its partners in Central Asia – over the past decade, the bank has financed transportation projects totaling €136.5 billion worldwide.
"Transport is the foundation of a modern economy, facilitating the mobility of people and enabling the exchange of goods, capital, and services between countries in the region. In addition, investments in sustainable transport are crucial for addressing the impact of climate change and enhancing the resilience of transport networks," said EIB Vice President Teresa Czerwińska.
"This agreement marks a new era of progress for Uzbekistan and our neighbors. By signing the memorandum of understanding, we are paving the way for transformative progress in the transport sector. This collaboration is our shared commitment to improving sustainable transport links between Europe and Central Asia. Thanks to this partnership, we are investing not only in our infrastructure but also in the prosperity and well-being of our people," said Uzbekistan's Vice Prime Minister Jamshid Khojaev.
EIB co-financing is provided as part of the joint commitment of European and international financial institutions to allocate €10 billion for the development of connections between Europe and Central Asia and sustainable transport projects. The investments will, among other things, contribute to the development of the Trans-Caspian Transport Corridor, allowing cargo to pass through it within 15 days.
CentralasianLIGHT.org
January 29, 2024