The EFSD delegation takes part in the Ministerial Conference on CAREC
Tashkent, 14 November 2019. The Eurasian Fund for Stabilization and Development (EFSD, Fund) managed by the Eurasian Development Bank (EDB) took part in the Ministerial Conference on CAREC (Central Asia Regional Economic Cooperation Programme). The Fund’s delegation was headed by Andrey Shirokov, Executive Director of the EFSD Project Unit. The Republic of Uzbekistan chaired this forum in 2019.
CAREC is a partnership of eleven countries, including three members of the EFSD – Kazakhstan, the Kyrgyz Republic, and Tajikistan.
Conference participants discussed prospects and risks of economic development, endorsed the new transport and energy strategies for the CAREC, and took part in roundtable discussions on the development of tourism in the region.
For the EFSD, macroeconomic stability and sustainability in the CAREC member states is of significant importance as the region’s economies are interconnected. The Fund will take into account the above CAREC strategies when planning its activities.
The EFSD takes part in financing some of CAREC transport corridors, including the reconstruction of Corridor 3 (the Bishkek–Osh section) in the Kyrgyz Republic.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
The Eurasian Fund for Stabilization and Development (EFSD) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration in the region. The EFSD member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the EFSD Resources Manager.
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