The Global Gateway Investors Forum for EU-Central Asia Transport Connectivity kicked off yesterday with a significant financial commitment of €10 billion from European and international financial institutions. This announcement, made by European Commission Executive Vice President Valdis Dombrovskis, aims to bolster sustainable transport connectivity in Central Asia and transform the Trans-Caspian Transport Corridor into a modern, multimodal, and efficient route linking Europe and Central Asia within a 15-day timeframe.
The urgency to establish alternative and reliable trade routes between Europe and Asia, bypassing Russia, has been accentuated by Russia’s invasion of Ukraine. The financial commitment is anticipated to play a pivotal role in not only opening new avenues for businesses but also strengthening regional integration and economic development in Central Asia.
The €10 billion commitment, a mix of ongoing and planned investments, is set to be mobilized for sustainable transport development in Central Asia in the short term.
The funding aims to address the urgent need for alternative trade routes, ensuring the operational efficiency of the trans-Caspian transport networks.
The EU’s long-standing partnership with Central Asian countries, including Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, is set to be further strengthened through direct transport links.
The Global Gateway strategy, part of the EU’s initiative to “reduce global investment disparity and enhance smart, clean, and secure connections”, is at the core of this financial commitment. In a collaborative Team Europe approach involving the EU, EU Member States, and European development finance institutions, the strategy aims to mobilize up to €300 billion in public and private investments from 2021 to 2027. This comprehensive approach seeks to create essential links, reduce dependencies, and address the global investment gap, particularly in the crucial sectors of digital, energy, and transport.
Photo credits @ Asian Development Bank under CC BY-NC-ND 2.0 DEED