OMM Redaksiyası
Azerbaijan, Georgia and Kazakhstan are among 11 countries set to benefit from a $400 million investment program approved by the Asian Development Bank (ADB) to reduce cargo transit times and costs along Central Asia’s key transport corridors.
The funding will be used to upgrade outdated infrastructure at border-crossing points and modernize payment and inspection systems. The other countries covered by the program are Afghanistan, China, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan and Uzbekistan.
About $320 million will be provided in ordinary loans, $65 million in concessional loans on more favorable terms and $15 million in grants. The program is also expected to attract an additional $150 million in co-financing from development partners and specialized trust funds.
The ADB said growing freight volumes in Central Asia were increasing pressure on transport corridors, including the Middle Corridor linking China with Europe.
According to monitoring data from the Central Asia Regional Economic Cooperation Program, the average border waiting time in the region more than doubled from 6.3 hours to 14.1 hours between 2010 and 2014.
The ADB Board of Directors has approved the $400 million transport investment project. The initiative forms part of broader efforts to improve regional connectivity and facilitate trade by reducing delays at international border crossings.
