BAKU, Azerbaijan, October 1. The World Bank Group plans to commit $1.2 billion in investments for the development of the Middle Corridor by July 2027, World Bank Regional Director for the South Caucasus Rolande Pryce said at the World Bank Group's online event titled “Middle Corridor: Next Stage” on Thursday, Trend reports.
According to Pryce, the World Bank Group currently has $6.9 billion in commitments for projects under implementation along the Middle Corridor.
“These investments help mobilize another $9.35 billion in co-financing from international financial institutions and private capital, as well as $2.2 billion in government counterpart financing,” she said.
Pryce noted that the World Bank Group's support is based on the belief that regional connectivity works best when it creates opportunities for businesses, workers and local communities across the region.
At the same time, she said the future of the Middle Corridor will ultimately be determined by the countries through which it passes and the companies that use it.
She added that a strong foundation is already in place for the corridor's further development.
