World Bank Group to commit $1.2B for Middle Corridor development by July 2027

The World Bank (WB) Group intends to undertake investment commitments amounting to $1.2 billion by July 2027 to support the development of the Trans-Caspian International Transport Route (TITR), also known as the Middle Corridor, World Bank Regional Director for the South Caucasus Rolande Pryce said, Report informs.

She noted that currently, the total portfolio of active commitments of the WB Group for projects implemented in the Middle Corridor zone reaches $6.9 billion.

"These capital investments help attract an additional $9.35 billion in co-financing from international financial institutions and private investors, as well as $2.2 billion in their own co-financing funds from the governments of the participating countries," Pryce emphasized.

According to a WB update on trade logistics along the Trans-Caspian Transport Route, the TITR requires attracting more than $25 billion in capital investments for physical infrastructure by 2040. Priority areas for investment are railway networks, seaports, and access infrastructure.

In addition, about $30 billion needs to be allocated for "enabling" capital investments. These include connecting highways and railways that integrate the corridor into national economies, logistics hubs, and inland terminals to increase the speed of cargo transportation, as well as logistics equipment - rolling stock (locomotives and wagons), handling equipment, and digital platforms ensuring the continuous operation of the entire transport network.