The monument to Afanasy Nikitin was installed in Tver, on the embankment named in his honor, on the left bank of the Volga in June 1955. The opening ceremony was attended by the Indian ambassador to the USSR K. P. S. Menon. There are three monuments to Afanasy Nikitin in the world: one in Tver, the second in India, and the third in Feodosia. These monuments form a unique ring reflecting the traveler's route. Behind the monument is the Church of the Resurrection of Christ (Three Confessors).

The authors of the monument were sculptors A. P. Zavalov and S. M. Orlova, as well as architect G. A. Zakharova.

The sculptural complex is located on the left bank of the Volga, opposite the city garden, in a prominent place. It consists of several parts united into a single ensemble. The central place is occupied by the monument to Afanasy Nikitin, holding a charter from the great Tver prince Mikhail Borisovich. The four-meter sculpture is set on a high granite pedestal and is directed into the distance, symbolizing the merchant's aspiration to achieve his goals. The complex is designed in the shape of a ship, with the bow adorned with a bronze frame of a boat. This creates the impression that the merchant is standing on the deck, ready to embark on a distant journey.

Afanasy Nikitin, a merchant and traveler from Tver, as well as a writer, made his journey from Tver to Persia and then to India from 1468 to 1474. On the way back, he visited Somalia, Muscat, and Turkey. His travel notes "Journey Beyond Three Seas" represent a valuable literary and historical monument, distinguished by the multifaceted observations, religious tolerance rare for the Middle Ages, and devotion to his native land and Christian faith. This is the first description in Russian literature of a commercial, rather than a pilgrimage, trip, rich in observations about the economy, political structure, and culture of other countries.