US Secretary of State Marco Rubio announced $201 million in financing for the Trans-Caspian Enterprise Fund on the first anniversary of the peace arrangements between Azerbaijan and Armenia.
Rubio said the fund began its work with the establishment of its new board of directors. The fund was positioned as part of the support provided to Azerbaijan and Armenia to promote lasting and sustainable peace in the South Caucasus.
Private-sector investment targeted along the Middle Corridor
The Middle Corridor, an alternative trade route between Asia and Europe, connects the South Caucasus with Central Asia. The Trans-Caspian Enterprise Fund is intended to encourage private-sector investment along this route.
Rubio described the launch of the fund, following a reduction in long-standing tensions between Baku and Yerevan, as a development signaling the expansion of economic cooperation.
Rubio said, “Peace and prosperity mutually reinforce each other.”
The US secretary of state said the TRIPP project, called the “Trump Route for International Peace and Prosperity,” was not merely an infrastructure project. Rubio said the US administration would continue to support Azerbaijan and Armenia for their contributions to lasting and sustainable peace in the South Caucasus.