The EDB stands ready to become a full-fledged partner of the Central Asia Regional Economic Cooperation Programme

17 November 2021

Moscow, 17 November 2021. The Eurasian Development Bank (EDB) stands ready to become a full-fledged partner of the Central Asia Regional Economic Cooperation (CAREC) Programme. Sergey Vasiliev, Vice Chairman of the EDB Management Board, stated this at the 20th CAREC Ministerial Conference on Connectivity, Cooperation and Resilience in a Digital Era.

In the strategic period until 2026, the Bank is focusing on cross-border investment projects with an integration effect, with planned investment totalling almost US $11 billion. “We plan to implement at least three investment mega-projects with the Bank’s investment to reach about US $1.2 billion. These include the Europe–Western China transport corridor, the single commodity distribution system for the EDB’s countries of operation, and the development of the water and energy complex in Central Asia,” Sergey Vasiliev said. “By 2030, these projects are expected to help increase Central Asia’s GDP by about 1.5% annually, employment by 1.5%, cross-border trade in food products by 2%, and cargo turnover by more than 30%.”

The Bank would be interested in cooperating with CAREC countries in investment and research relating to the development of the water and energy complex, transport infrastructure, digitalisation, as well as the climate agenda and the UN Sustainable Development Goals.

“Synergies between latitudinal and longitudinal corridors, as well as achieving ‘seamless’ transport corridors, will unlock the potential for mutual trade and regional integration in Eurasia. We believe that linking the North–South international transport corridor with the latitudinal corridors will provide an additional 40% increase in freight traffic,” stressed Sergey Vasiliev. He also noted the importance of expanding CAREC’s mission until 2030 to connect people, policies and projects, which would give a major boost to the development of the entire region and create a quality platform for economic and social cooperation in Central Asia.

The EDB, together with the Eurasian Fund for Stabilization and Development (EFSD), is a regional financing arrangement that covers a broad agenda in the region. Some of EFSD energy and transport projects have been included in the CAREC project database (Uch-Kurgan HPP, Toktogul HPP, and road reconstruction projects in Kyrgyzstan).

 

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. For 15 years, the Bank has worked to strengthen and broaden economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The EDB’s portfolio mainly consists of projects with an integration effect in the areas of transport infrastructure, digitalisation, green energy, agriculture, industry, and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.

The Central Asia Regional Economic Cooperation (CAREC) Programme is a partnership of eleven countries in the region – Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan – working together to promote development through cooperation, leading to accelerated economic growth and poverty reduction. It is guided by the overarching vision of “Good Neighbours, Good Partners, and Good Prospects.” The mission of the Programme is to create an open and inclusive regional cooperation platform that connects people, policies and projects for shared and sustainable development. CAREC is a proactive facilitator of practical, results-based regional projects, and policy initiatives critical to sustainable economic growth and shared prosperity in the region. 

The EDB Media Centre:

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

pressa@eabr.org

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2021