Azerbaijan, Georgia and Kazakhstan are among 11 countries set to benefit from a $400 million Asian Development Bank investment aimed at cutting freight times and costs along key Central Asian transport corridors.
The financing will support the replacement of outdated infrastructure at border crossing points and the modernisation of payment and inspection systems.
Other countries set to benefit from the programme include Afghanistan, China, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan and Uzbekistan.
Around $320 million will be provided through standard loans, with $65 million in concessional loans, which offer borrowers more favourable terms, and $15 million in grants.
The programme is also expected to attract around $150 million in co-financing from development partners and specialised trust funds.
The Asian Development Bank (ADB) says the investment is needed as growing freight traffic puts greater pressure on transport corridors in Central Asia, including the Middle Corridor connecting China with Europe.
Average border waiting times in the region more than doubled between 2010 and 2014, rising from 6.3 hours to 14.1 hours, according to monitoring data from the Central Asia Regional Economic Cooperation Program, a regional development initiative.
The ADB’s board of directors has approved the $400 million transport investment project.
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