The EDB launches a project to expand transport and logistics infrastructure at the Verkhniy Lars border crossing
Sochi, 8 June 2023. The Eurasian Development Bank (EDB) is launching the initiation and implementation of an investment project to enhance transport, logistics and roadside infrastructure at the Verkhniiy Lars checkpoint in North Ossetia-Alania. The Bank signed the relevant memorandum with KAVKAZ.RF during the Eurasian Congress ‘23.
The parties will collaborate to develop a financial and economic model, structure the investment project, and secure financing. The EDB Technical Assistance Fund plans to provide a grant for the development of a feasibility study to extend the border crossing.
The Verkhniy Lars border crossing and its associated transport and logistics infrastructure are important components of the North–South Road Corridor that is part of the Eurasian Transport Network. For Armenia, it is currently the sole land route facilitating trade and economic connections with other EAEU member states. Verkhniy Lars also handles passenger and cargo traffic between Belarus, Georgia, Russia, and Turkey, which has seen substantial growth over the past year.
The project will improve border crossing conditions for drivers and passengers by establishing secure parking areas and improved service infrastructure. These improvements are expected to significantly reduce border crossing times and enhance road safety along this important transport corridor, particularly during the winter months when adverse weather conditions can lead to substantial traffic congestion.
The project will construct a secure parking area accommodating up to 350 vehicles, a hotel, a modular office building for customs and service organisations, a maintenance area, petrol stations, an e-vehicle charging area, a tourist information centre, shops, cafés, and other infrastructure.
Additionally, it will build a multifunctional wholesale distribution centre to provide storage for temperature-sensitive food products, including freezers.
This investment project holds national and regional significance. The newly developed transport and logistics infrastructure should integrate into the national and regional transport systems and play a strategic role in the Eurasian Transport Network by connecting the North–South and East–West transport corridors that traverse the Caucasus.
The project is expected to promote trade and international transport and transit, create jobs in the region, and boost revenues by enhancing the range and quality of services provided.
The Eurasian Transport Network is a key investment mega-project financed by the EDB, encompassing a pool of projects that develop international transport corridors in Eurasia to improve the transit capacity and facilitate exports and imports. The transport network projects, in which the EDB has participated or is currently involved, include the Western High-Speed Diameter (WHSD) in St. Petersburg, the Central Ring Road (TsKAD) in the Moscow Region, the Togliatti bypass with a bridge across the Volga River, the Big Almaty Ring Road (BAKAD), the Nur Zholy border crossing on the Kazakhstan–China border, the reconstruction of Almaty Airport, the construction of Turkistan Airport, and the Ayagoz–Bakhty railway in Kazakhstan.
The Eurasian Congress ‘23 media partners are the Mir TV and radio company, Ala Too 24 TV Channel, Belarus Segodnya, Delovoy Kazakhstan, BelTA, Prime Press, Golos Armenii, ARKA, ArmInfo, Tazabek, Akchabar, Kazahstan Today, Khovar, and LSM.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution investing in Eurasia. For 16 years, the Bank has worked to strengthen and broaden economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.
The EDB Media Centre:
+7 (727) 244 40 44, ext. 6147
www.eabr.org