The Asian Development Bank (ADB) plans to establish a regional financing mechanism of up to $400 million for the modernization of border crossing points in CAREC countries, including Azerbaijan, APA-Economics reports.
that the project, titled the “Border Crossing Point Improvement Facility for Integration, Logistics, and Development,” is currently at the proposal stage. Along with Azerbaijan, the project includes Georgia, Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyzstan, Tajikistan, Pakistan, Afghanistan, Mongolia, and China.
According to the document, the mechanism envisages the allocation of $320 million in ordinary loan resources, $65 million in concessional loans, and $15 million in grants.
The financing will be directed toward upgrading the infrastructure of border crossing points, improving customs and other border procedures, expanding digitalization, and reducing the time and costs involved in freight transportation.
ADB states that outdated infrastructure at border crossing points, weak interagency coordination, and the lack of modern payment and inspection systems lead to long waiting times and additional costs. The project also envisages the introduction of “single window” systems, artificial intelligence-based risk management, and modern inspection equipment.
The mechanism is planned to be implemented over a period of 10 years. ADB financing for each individual project may amount to a maximum of $50 million. In addition, the aim is to attract approximately $150 million in additional co-financing across participating countries.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
