The EFSD takes part in CAREC ministerial events
Moscow, 9 December 2020. Andrey Shirokov, Managing Director of the Eurasian Fund for Stabilization and Development’s (EFSD) Project Unit, took part in the meeting of the ministers of the financial and economic bloc of the Central Asia Regional Economic Cooperation (CAREC) Programme countries. In his speech, Andrey Shirokov assessed the macroeconomic situation and risks in the region in the context of the pandemic.
The ministers approved the CAREC Result Framework, Tourism Strategy 2030, and Gender Strategy 2030.
The day before the meeting, the first CAREC Development Partners’ Conference took place. At the meeting, Andrey Shirokov welcomed the proposed approaches to developing cooperation among international financial institutions and other donors represented in the CAREC member states.
CAREC is a regional cooperation programme that seeks to expand trade in the region and improve the competitiveness of businesses in the member countries through regional projects in transport, energy, and economic corridor development. In 2020, the CAREC Programme will celebrate its 20th anniversary. Over this period, the programme has financed 208 regional projects worth US $39.2 billion. The member countries that are members of both the EFSD and CAREC are Kazakhstan, the Kyrgyz Republic, and Tajikistan. Both the CAREC and the EFSD work in the areas of energy, transport, macroeconomic stabilisation, strategic planning, and research in these and other areas. CAREC projects funded by the EFSD include the Uch-Kurgan and Toktogul HPPs and the Bishkek–Osh transport corridor.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The Bank was established in January 2006 by Russia and Kazakhstan and is headquartered in Almaty. Transport infrastructure, energy, chemical, mining, and mechanical engineering projects with a high integration effect account for the main part of the EDB’s portfolio.
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.
The EDB Media Centre:
Alexander Savelyev +7 (985) 765 23 59 (Moscow)
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Sergey Gorbachev +7 (916) 727 22 00 (Moscow)