CAREC Ministerial conference adopts 2020 strategy
Baku, November 24 (AZERTAC). Senior officials from the 10 member countries of the Central Asia Regional Economic Cooperation (CAREC) Program met on Wednesday in Baku, Azerbaijan, at the 10th Ministerial Conference to formally adopt CAREC 2020, the strategy that will guide the partnership for the next 10 years.
"The Program envisages a strategic framework of top priority projects worth $50 billion that over the next decade will help further develop regional transport networks, boost regional trade, and help secure reliable, efficient energy," CAREC coordinator for Azerbaijan Samir Veliyev told press conference in Baku on Wednesday.
The CAREC partnership counts more than 100 projects to date, including extensive transport corridors and energy networks that are beginning to improve lives and livelihoods across the region.
In the next decade, CAREC will help boost international trade and improve the competitiveness of member countries through a programme of strategic regional investments in transport, trade facilitation, and energy.
The CAREC partnership comprises 10 countries - Afghanistan, Azerbaijan, China, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan - and six multilateral institutions: the Asian Development Bank (ADB), European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, United Nations Development Program, and World Bank. ADB has served as the CAREC Secretariat since 2001.
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