WB, partners to invest over $2B in TITR development

The World Bank (WB) together with private partners will invest over $2 billion in the development of the Trans-Caspian International Transport Route (TITR, Middle Corridor), World Bank Country Manager for Kazakhstan and Turkmenistan Andrei Mikhnev told journalists on the sidelines of the Astana International Forum, Report informs.

"The total amount of investment, taking into account the World Bank's funds and the funds attracted from private partners and banks for the development of the TITR, will exceed $2 billion," Mikhnev added.

He noted that the World Bank supports the initiative that was put forward by many countries in the region to develop this route.

"In terms of investments, we work both in Kazakhstan and in other countries, including Azerbaijan and Georgia. We are also considering the possibility of participating in projects in Türkiye," he added.

Mikhnev reminded that in November last year, the World Bank had already approved $650 million in funding for a project to improve sustainability and transport connectivity in Kazakhstan (as part of the development of the TITR).

The TITR is an international route running from China through Kazakhstan, the Caspian Sea, Azerbaijan and Georgia to Europe. It is seen as an alternative to traditional transport routes, especially against the backdrop of global geopolitical changes and the reorientation of logistics chains.