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Asia-Europe land link to cost $18 billion |
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Thursday, 08 November 2007 |
 Plans are becoming more specific
as to how Mongolia will participate in the creation of a rail and road
linking Asia to Europe.
At the recently concluded meeting
of the Central Asia Regional Economic Cooperation program Mongolia,
along with seven other member states, have agreed to pay half of an
$18.7 billion investment over the next decade to build six new transport
corridors, mainly roads and rail links.
Participating countries will
pay for half of the cost and the Asian Development Bank will finance
the remainder.
Commenting on the program,
Robert Siy, director of Asian Development Bank 's regional cooperation
division for Central and West Asia said, "There's a lot of resources,
a lot of products in Central Asia that are very much in demand both
in South Asia as well as in Europe. And these transport corridors will
enable those goods to reach very big markets. These corridors will become
the priorities in terms of investments for the countries in Central
Asia under the CAREC program as well as for the different multilateral
institutions that are financing economic development projects in the
region."
Besides Mongolia, participating
countries include Afghanistan, Azerbaijan, China, Kazakhstan, Kyrgyzstan,
Tajikistan, and Uzbekistan.
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