From January to May, 2023 the volume of cargo transported via the North-South International Transport Corridor (ITC) has increased by 54%, according to the Deputy Chairman of the Eurasian Development Bank (EDB) Denis Ilyin.
Speaking at a session on transport logistics in Eurasia, held within the frames of Eurasian Congress 2023 in Russian Sochi, he said Russia-Georgia-Armenia-Iran direction is a possible interconnection between North-South and East-West transport corridors.
Ilyin reminded that the development of the North-South transport corridor requires more than $38 billion for implementation of 102 projects, 67 of which are financed by the state sources.
He also recalled that purchase of cars for the South Caucasus Railway in Armenia is a project of the North-South ITC, while construction of the Meghri-Kajaran road section is a project of the Eurasian Fund for Stabilization and Development (EFSD).
On April 14, 2015 an agreement was signed between the Republic of Armenia and the Eurasian Development Bank (EDB) on the provision of an investment loan from the Anti-Crisis Fund of the Eurasian Economic Community to finance the construction of the north-south road corridor (Phase 4)”. The amount of the investment loan is $150 million provided for a period of 20 years.
The Eurasian Transport Network is a system of international transport corridors crossing the Eurasian landmass along East–West and North–South axes. The Eurasian transport corridors extend as far as China, India and the European Union, enabling the network to become a tangible foundation for a Greater Eurasia. Unlocking the full potential of the Eurasian continent’s economy relies on the seamless transport connectivity that digitalizing transport can provide.