Baku. 15 November. REPORT.AZ/ Today, the World Bank (WB) has presented to its key partners in Azerbaijan the initial results of the research on strengthening transit and corridor capacity for cargo transport through the Caucasus Transit Corridor (CTC).
Report informs, the technical assistance, funded through the World Bank-China joint grant fund, assists the governments of Azerbaijan and Georgia in the CTC.
CTC links Azerbaijan and Georgia with other partners in Europe, China, Kazakhstan and in the region. Taking into account that 16% of China's exports directed to Western Europe, the corridor has the potential to become a serious tool for coordinating China and Western Europe. It can also be an important component of China's "One Belt One Way" initiative. Freight carriers preferring other routes for transportation of these goods will prefer CTC, if it offers cost-effective and high quality transportation as well as logistics services.
"This technical assistance helps identify CTC's steps to be taken to become a Silk Road of the 21st century", World Bank Country Manager for Azerbaijan Naveed Naqvi said.
According to him, this study will systematically identify areas that require attention to further improve the efficiency and competitiveness of this important transport corridor.