The European Union is preparing to allocate up to 200 million euros for the development of transportation, energy and digital connections in the South Caucasus.
European Commission President Ursula von der Leyen, in a social media post following her meeting with Azerbaijani President Ilham Aliyev in Baku, announced that the fund will be provided as grants under the Global Gateway investment program.
Von der Leyen stated that this resource could trigger up to 2 billion euros in public and private sector investments. Projects on the agenda include a railway connection through Nakhchivan and the development of the Baku port.
The European Commission President also said they proposed launching a partnership in connectivity between the European Union and Azerbaijan. She stated that this dialogue would cover transportation, energy and digital connections.
Von der Leyen also conveyed that Brussels is working to organize a regional investment conference. She noted that the conference could take place in Baku with the participation of representatives from Europe, the South Caucasus and Central Asia.
Emphasizing that the development of connections in the region is seen as one of the elements supporting peace and economic cooperation in the South Caucasus, von der Leyen expressed that the South Caucasus is at a very important crossroads today and that Azerbaijan plays a key role in this process.
Von der Leyen said, "Today, Azerbaijan and the European Union are conducting a high-level dialogue in the field of connectivity. Digital connectivity can also be mentioned."
The European Commission President thanked Aliyev for his warm welcome and added that she was happy to be in Baku again.
