The EDB signs a letter of intent to arrange financing for the construction of the Meridian Highway
Moscow, Eurasian Congress, 2 December 2021. The Eurasian Development Bank (EDB) stands ready to provide lending and arrange financing for the Meridian Highway to be constructed as part of the Europe–Western China international transport corridor. A memorandum to this effect was signed at the Eurasian Congress by Nikolai Podguzov, Chairman of the EDB Management Board, and Alexander Ryazanov, Chairman of the Board of Directors of the Russian Holding Company.
The Meridian Highway is part of the Europe–Western China transport corridor. It is planned to bypass major cities and cross Russia’s eight regions from the Krasnaya Gorka checkpoint in the Smolensk Region on the border with Belarus to the Mashtakovo and Sagarchin checkpoints in the Orenburg Region. The length of the highway in Russia will be between 1,300 and 2,021 km. About 770 structures are planned to be built along the road.
By 2023, the highway is expected to handle from 6.1 to 11.5 million tonnes of freight per year, of which transit freight will account for approximately 11%, while daily traffic is projected to reach up to 12,000 cars.
The initiator of the Meridian project is the Russian Holding Company, which owns 80% of the highway corridor and provides project engineering and design.
“Eurasian transport corridors are a priority enshrined in the EDB’s new strategy. The Europe–Western China corridor is a mega-project in the area of transport and logistics infrastructure. This road is being built in sections and will take several years to complete, but in the end several countries will have a huge logistical advantage – a single route that will boost Eurasia’s transit potential at once. The EDB is financing the construction of the Togliatti Bypass, the Big Almaty Ring Road, and the Western High-Speed Diameter. We are now starting work on other sections of the transcontinental route,” 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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