The Middle Corridor has the potential to triple trade volumes and halve travel times by 2030
World Bank Vice President for Europe and Central Asia Antonella BASSANI participated in discussions on economic development with the Kazakh delegation led by Timur SULEIMENOV, Governor of the National Bank of Kazakhstan, during the World Bank's Spring Meetings, which took place from April 15 to 20, in Washington D.C., reports Kazinform News Agency correspondent citing World Bank Kazakhstan.
“National Bank Governor Timur Suleimenov and I discussed the impact of Kazakhstan’s monetary policies on inflation and the country's ongoing economic reforms. We also discussed areas for future collaboration to support the country's ambitious strategy for development,” wrote Bassani in her X account.
In response to floods in Kazakhstan, Bassani confirmed the World Bank's readiness to assist the country with their Global Rapid Post-Disaster Damage Estimation (GRADE) approach and proposed a $600 million Development Policy Loan, pending approval by the Parliament, to support recovery efforts.
During the meeting, the participants also discussed progress, identified challenges, and deliberated on technical measures necessary to realize the trade and logistics potential of the Trans-Caspian International Transport Route, also known as the Middle Corridor, in the next 6-10 years.
According to the bank's analysis, the Middle Corridor has the potential to triple trade volumes and halve travel times by 2030.
Antonella Bassani and Guangzhe Chen, Vice President for Infrastructure, emphasized the importance of close coordination and cooperation for the development of the Middle Corridor.
Recommendations for Kazakhstan include creating a railway bypass in Almaty, establishing a new railway connection with Uzbekistan, and improving the efficiency of the Aktau port by installing suitable equipment and expanding berths.
Additionally, Vice President Bassani confirmed that World Bank Group President Ajay Banga would co-chair the One Water Summit with Kassym-Jomart Tokayev and the UN Secretary-General in New York this September, signaling continued cooperation on such issues.
Photo credit: World Bank.
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