Astana: The European Bank for Reconstruction and Development (EBRD) is allocating 45 million euros to support the Trans-Caspian corridor, APA-Economics reports, citing the EBRD.
According to Azeri-Press News Agency, a loan of 35 million euros has been allocated to support the renovation of the infrastructure of Kazakhstan’s main seaport on the Caspian Sea – the Aktau port. The project will also be financed with a grant of up to 10 million euros within the framework of the European Union’s Asia-Pacific Investment Facility.
It is noted that the funds will be used to expand two bridges of the port and to purchase weather-resistant cranes. As a result of these measures, the port’s container handling capacity will double, and the loading and unloading time for each container will decrease from the current 4 minutes to 2.5 minutes.
It has been reported that the Aktau port was identified in a study funded by the EBRD management and the EU as an important link of the Trans-Caspian Corridor, one of the key elements
of sustainable transport connections between Europe and Central Asia.
The project is part of the program to develop the largest container terminal in the Caspian region at Aktau port by the end of 2026. The terminal is expected to handle the equivalent of 3.4 million tons of containers annually. The port is managed by Kazakhstan’s ‘Samruk-Kazyna’ sovereign wealth fund and operated by Kazakhstan Railways.
Recall that overall, the EBRD has invested more than 10 billion euros in 340 projects in Kazakhstan, a large part of which has been directed to supporting private entrepreneurship.