The Deputy Chairman of the Eurasian Development Bank (EDB) Denis Ilyin reports that an increase by 54% has been attained by the volume of cargo transported via the North-South International Transport Corridor (ITC) from January to May, 2023.
According to Ilyin, Russia-Georgia-Armenia-Iran direction is a possible interconnection between North-South and East-West transport corridors. He said that at a session on transport logistics in Eurasia, held within the frames of Eurasian Congress 2023 in Russian Sochi.
More than $38 billion are needed for implementation of 102 projects of the development of the North-South transport corridor. The state sources finance 67 of them.
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).
The Republic of Armenia and the Eurasian Development Bank (EDB) signed an agreement 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) on April 14, 2015. The investment loan amounted to $150 million is provided for a period of 20 years.
The Eurasian landmass along East–West and North–South axes are being crossed by a system of international transport corridors called the Eurasian Transport Network. The Eurasian transport corridors enable the network to become a tangible foundation for a Greater Eurasia because they extend as far as China, India and the European Union. Digitalizing transport can provide seamless transport connectivity and unlock the full potential of the Eurasian continent’s economy.
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