The EDB plans to take part in building a new port in the Astrakhan Region as part of the International North-South Transport Corridor
Moscow, Eurasian Congress, 2 December 2021. The Eurasian Development Bank (EDB) considers financing for the Caspian Port and Logistics Company (Caspian PLC) to plan, construct and operate a multifunctional port and logistics complex on the Caspian Sea, in Russia’s Astrakhan Region. A memorandum to that effect was signed at the Eurasian Congress by Nikolai Podguzov, Chairman of the EDB Management Board, and Stanislav Tsygankov, CEO of Caspian PLC.
The project will construct a new port in a special economic zone with a planned freight traffic of more than 8 million tonnes. Hamburg Port Consulting (Germany) confirmed the feasibility of construction and estimated the potential freight turnover at 19 million tonnes by 2050.
The port will be constructed in two phases. The first phase will improve the existing berths of the Olya seaport and the second one will construct a new port near Zaburunny Ilmen.
“Eurasian transport corridors are a priority enshrined in the EDB’s new strategy. Russian ports on the Caspian Sea lack state-of-the-art infrastructure to handle containers, while containerised cargoes account for a significant portion of freight traffic along the International North-South Transport Corridor. We estimate the potential for container traffic along the corridor in the range from 325,000 to 662,000 TEU. Linking up the North–South corridor with Eurasian latitudinal corridors would ensure around 40% of container traffic,” said Nikolai Podguzov.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. For 15 years, the Bank has worked to strengthen and broaden economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The EDB’s portfolio mainly consists of projects with an integration effect in the areas of transport infrastructure, digitalisation, green energy, agriculture, industry, and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
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