European and Asian financial institutions recently pledged €10 billion in funding to improve transport links between Asia and Europe at the Global Gateway Investors Forum for EU-Central Asia Transport Connectivity. The Forum discussed the investments needed to transform the Trans-Caspian Transport Corridor into a modern, multimodal, and efficient corridor connecting Europe and Central Asia in 15 days. The European Investment Bank (EIB) signed Memoranda of Understanding (MoU) worth €1.47 billion with the governments of Kazakhstan, Kyrgyzstan, and Uzbekistan, as well as with the Development Bank of Kazakhstan. The European Bank for Reconstruction and Development (EBRD) agreed a MoU with Kazakhstan for investments totalling €1.5 billion for projects already planned for the development of transport links in Central Asia. The €10 billion represents a combination of current and planned investments to be mobilised in the short term for sustainable transport development in Central Asia. The Forum builds on the results of a study led by the European Commission (EC) and conducted by the EBRD, which identified 33 physical infrastructure needs and seven key measures for soft connectivity to increase the efficiency and economic attractiveness of trans-Caspian transport networks.
