During the Second Eurasian Congress, Caspy PLC and the Eurasian Development Bank (EDB) signed a memorandum of intent, which consolidates the EDB’s interest in considering the possibility of providing financing to Caspy PLC for the planning, construction and operation of a multifunctional port and logistics complex on the Caspian Sea.

The project provides for the construction of a new port on the territory of the port special economic zone with a planned cargo turnover more than 8 million tons. The prospects of the complex construction were confirmed by the German company Hamburg Port Consulting, which assessed the potential cargo turnover at the amount of 19 million tons by 2050.

The new port project is divided into two main phases. The first phase is the development of the existing berths of the seaport Olya with the planned commissioning in the 4th quarter of 2023. The second phase is the construction of a new port near the Zaburunny Ilmen.

«Eurasian transport corridors are a priority in our work, which is set in the updated EDB strategy. At the present time Russian ports on the Caspian Sea are not equipped with modern infrastructure for container, whereas container cargoes constitute a significant part of the cargo flow along the International North-South Transport Corridor (INSTC). In general, according to our estimates, the containers traffic potential on the INSTC can be from 325 to 662 thousand TEU. Connecting the INSTC with the Eurasian latitudinal corridors can provide about 40% of the container cargo flow,» declared Nikolai Podguzov, Chairman of the EDB Board.

«The signed agreement is a continuation of our cooperation with the Eurasian Development Bank. The presence of such a financial partner is a guarantee of rapid development of our promising project for construction of a multifunctional port-logistics complex on the INSTC, which will be integrated into the international trade system of the Russian Federation and also become a part of the Caspian transport hub,» commented Stanislav Tsygankov, CEO of Caspy PLC.

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