The EU will allocate 10 billion euros for a transportation corridor bypassing Russia through Azerbaijan

The European Commission and the European Investment Bank plan to invest 1.5 billion euros in strategic transportation infrastructure projects in Central Asia to establish a transportation corridor from the region bypassing Russia.

The European Commission (EC) and the European Investment Bank (EIB) intend to invest 1.5 bln euro in strategic transport infrastructure facilities in Central Asia for creating a transport corridor stretching 11,000 kilometers from Asia to Europe bypassing Russia, EC Executive Vice-President, Commissioner for Trade Valdis Dombrovskis said when opening a two-day transport investment forum EU-Central Asia in Brussels.

"Our long-term objective is to make the [transport] corridor a competitive, sustainable, smart and fast route to link our two regions in 15 days or less. To achieve this, we need to coordinate our resources with other corridor countries, international financial institutions, EU member states, as well as investors and companies both in Europe and Central Asia," he said, adding that "the joint contribution from the European Commission and the European Investment Bank to advance the transport agenda in Central Asia will amount to 1.5 bln euro."

Meanwhile EU High Representative for Foreign Affairs and Security Policy Josep Borrell admitted that the EU’s plans to invest in the transport infrastructure of Central Asian nations have political purposes aimed at protecting the same values.

"We need closer partnership to address global challenges. <…> Yes, we have to build infrastructure, we have to increase the connectivity of our space, but all that serves a political purpose to increase our partnership and to share a better future by increasing economic ties and defending the same values," he said.