The building of the Black Sea ring highway is considered a major step towards the creation of a Black Sea ring corridor and multi-modal transport network. The project envisages the building of a 7000 km long highway ring and includes maintenance, reconstruction, development, modernization and new building of main and supplementary road infrastructure.
The objective of the partner countries is to build a road, which would ensure traffic safety, speed and convinience and will facilitate the economic and social development of the region. The main route and its connections will be defined at a later stage by the Management Committee of BSHR.
The coordinated development of the road infrastructure and its connection to the trans-European, Pan-European and Euroasian transport network are a key priroty of the BSEC member-states. The signed document aims to strengthen the regional coordination between the countries to solve common problems through developing different policies, including legislative and economic.
Under the project, which was approved by the government, the building and reconstruction of BSHR will be financed by the national funds and budgets, from private sources, EU funds or through credits from EIB, EBRD, WB, etc.
The draft memorandum of understanding was prepared by Russia’s transport ministry and was introduced at a session of the transport working group in September last year in Sochi, where the final text of the document was agreed.