EU to invest up to €12 billion in developing Middle Corridor

The European Union plans to attract up to €12 billion in investments to develop the Middle Corridor, which is intended to directly connect the South Caucasus and Central Asia with the European market, European Commission President Ursula von der Leyen said in a State of the Union address to the European Parliament.

"This will be a new international connectivity project. It will directly connect the South Caucasus and Central Asia with the European market - what we call the Middle Corridor," von der Leyen said, according to Report's European Bureau.

She said the EU intends to use the Global Gateway initiative to attract up to €12 billion in public and private investment for the project.

"Our goal is to diversify routes, triple trade flows and sharply reduce cargo transit times by 2030," von der Leyen said.

She also announced a regional connectivity summit to be held jointly with Bulgarian Prime Minister Rumen Radev. According to the European Commission president, the summit will focus on turning the project into a practical reality.

The Middle Corridor runs through Central Asia, the Caspian Sea and the South Caucasus and is viewed by the EU as one of the routes for diversifying trade links. For Brussels, the development of transport and other infrastructure in the region is also linked to expanding economic ties with Central Asian and South Caucasus countries.

Von der Leyen linked the development of such partnerships to changes in the international system and the need for the EU to independently strengthen the resilience of its supply chains and protect its economic interests.