Posted: 2 months ago

EBRD and USAID Sign Memorandum on Developing Middle Corridor in South Caucasus

The European Bank for Reconstruction and Development (EBRD) and the United States Agency for International Development (USAID) have signed a Memorandum of Understanding to advance the development of the Trans-Caspian International Transport Route, also known as the Middle Corridor. This initiative aims to enhance connectivity between Asia and Europe through the South Caucasus.

The partnership will focus on increasing trade in Georgia, Armenia, and Azerbaijan, promoting green energy, investing in new industries, and improving transport and digital infrastructure. According to the EBRD, strengthening the Middle Corridor will create transformative economic opportunities in the region and provide an alternative transport route.

The MoU seeks to enhance the planning, design, and construction of critical energy, transport, digital, and agricultural infrastructure in the region. It also aims to improve the efficiency of customs, tariffs, and border operations; attract private capital investments in the South Caucasus economies for the development of the Middle Corridor; and adopt the highest international standards to promote economic connectivity between Europe and the South Caucasus countries.

Other priorities for cooperation include expanding investments in carbon-free energy and advancing reforms to combat corruption and increase civil society engagement.

The memorandum was signed by Matteo Patrone, the EBRD's Vice President for Banking Affairs, and Erin Elizabeth McKee, the Assistant Administrator of USAID's Europe and Eurasia Bureau. The signing took place within the framework of the EBRD's annual meeting and business forum in Armenia.