October 26, 2023

Tbilisi, Georgia

In an exclusive interview, the World Bank's regional head highlighted key projects in Georgia and the significance of the Middle Corridor Initiative.

The interview with Charles J. Cormier, Infrastructure Regional Director for Europe and Central Asia for the World Bank, began by focusing on Georgia's vital undersea electric cable project under the Black Sea. This project is critical for Georgia as it allows electricity trade with neighbors and the development of renewable energy markets, crucially hydropower for export to Europe. Recent energy shortages in Europe, coupled with a desire to reduce reliance on Russian energy, make this project even more important.

Georgia's digital cable aspect is also noteworthy, fostering collaboration with Azerbaijan, Kazakhstan, and Romania, all of which offer significant energy potential. The project not only benefits the region but also creates new export revenue and reinforces Georgia's electricity market.

World Bank Support and Broader Impact

The World Bank plays a significant role in supporting the undersea cable project, enhancing its commercial viability and environmental sustainability. Importantly, this project isn't exclusive to Georgia; it offers opportunities for other countries in the region, including Turkey and Armenia, to partake in energy trade. On the digital front, the project creates a resilient communication backbone, reducing dependence on a single infrastructure.

Middle Corridor Initiative: Trade Connectivity

The discussion shifted to the Middle Corridor Initiative, often described as the "middle road" in global trade. This initiative aims to provide redundancy in trade routes, learned from recent events such as the pandemic and changes in trade patterns. Beyond connecting Western China and Western Europe, it seeks to foster regional trade, similar to the historical Silk Road model. This approach is expected to boost regional trade as economies develop and countries engage with each other.

The interview concluded by emphasizing the need for collaboration and investment from various stakeholders, including the private sector. It is essential to ensure the success of these infrastructure projects. The World Bank, as affirmed by the Regional Director is actively engaged in assessing the efficiency of different project segments and promoting logistics chains across the entire region.

Hear it all from Charles J. Cormier himself in the above interview.