Over the past two decades, the Central Asian Regional Economic Cooperation (CAREC) Program has invested $51bn across Central Asia, with more than $9bn directed toward projects in Kazakhstan alone.
At the 23rd CAREC Ministerial Conference in Astana, Kazakhstan’s Prime Minister Olzhas Bektenov stressed the importance of these investments in fostering sustainable development and regional collaboration. Representing the Head of State, Bektenov led discussions aimed at further integrating the region’s economies under Kazakhstan’s chairmanship.
The CAREC Program, spearheaded by the Asian Development Bank (ADB) in partnership with major international financial institutions, continues to be a vital platform for Central Asia’s economic and infrastructural development.
This year’s conference brought together ADB President Masatsugu Asakawa, CAREC Institute Director Kabir Jurazoda, European Commission Director Peteris Ustubs, and representatives from global financial entities including the International Monetary Fund, World Bank, and Islamic Development Bank. Delegations from South Korea, Japan, Uzbekistan, Kyrgyzstan, Azerbaijan, Georgia, Mongolia, Pakistan, Tajikistan, and Turkmenistan also participated.
Prime Minister Bektenov highlighted Kazakhstan’s commitment to the CAREC mission, emphasizing the relevance of the program for advancing economic stability, infrastructure, trade, and sustainability in Central Asia.
"We will continue to work closely with international financial organizations and CAREC member countries to achieve shared objectives,” Bektenov stated. “Our focus includes enhancing the agro-industrial sector, expanding the share of processed exports, and developing large-scale infrastructure projects that boost transport connectivity and energy security across the region."
ADB President Asakawa echoed the call for cooperative efforts, stressing CAREC’s focus on climate resilience, sustainable infrastructure, and digital transformation. The conference also addressed the need to invest in human capital and improve the quality of life for Central Asia’s citizens.
As a result of the conference, CAREC members signed an agreement to establish the CAREC Climate and Sustainable Development Project Preparation Fund, aimed at financing projects that will bolster climate resilience and drive sustainable progress.
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