Банкеръ Weekly

Briefs

HIGH-SPEED ROAD TO BE BUILT AROUND THE BLACK SEA

All Black Sea countries need to be connected through a highway that will increase the safety, speed and comfort of transport around the sea. This is what a Memorandum on the Construction of a Black Sea Highway Ring among the Member States of the Organisation for Black Sea Economic Cooperation stipulates. The document was approved by the Bulgarian Government on April 2.
According to the project, the highway will cross Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine and will have a total length of about 7,000 km. The main route will pass through the Turkish cities of Istanbul, Samsun and Trabzon, Georgia's Batumi and Poti, Russia's Novorossiysk, Rostov-on-Don and Taganrog, and Ukraine's Mariupol, Melitopol and Odessa. Then the highway will head towards the capitals of Moldova and Romania - Kishinev and Bucharest, and then through Haskovo and Edirne will go back to Istanbul. Besides, a deviation is planned towards the Greek towns of Komotini and Alexandroupolis. However, it should be noted that no deadlines for starting and completing the construction works have been specified.
Financing for the project is expected to be provided by the national funds and budgets as well as by the private sector. Support may also be sought from the funds of the European Union, the European Investment Bank, the European Bank for Reconstruction and Development, and the World Bank.

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