The European Union is preparing to allocate up to 200 million euros for the development of transport, energy and digital connections in the South Caucasus.
EU Commission President Ursula von der Leyen announced after her meeting in Baku with Azerbaijani President Ilham Aliyev that the funds 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 investment. The projects on the agenda include a railway connection via Nakhchivan and the development of Baku Port.
The EU Commission President also said they have proposed launching a partnership between the European Union and Azerbaijan in the field of connectivity. She stated that this dialogue will cover transport, energy and digital links.
Von der Leyen also noted that Brussels is working to organize a regional investment conference. She said the conference could take place in Baku with the participation of representatives from Europe, the South Caucasus and Central Asia.
Emphasizing that developing connections in the region is seen as one of the elements supporting peace and economic cooperation in the South Caucasus, von der Leyen said the South Caucasus today is at a very important crossroads and Azerbaijan plays a key role in this process.
Von der Leyen said, "Today, Azerbaijan and the European Union are conducting a high-level dialogue on connectivity. Digital connectivity can also be mentioned."
The EU Commission President thanked Aliyev for his warm welcome and added that she was pleased to be in Baku again.