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Azerbaijan hosts ADB CAREC Ministerial Conference
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21 Nov 2008 11:35 ]
Baku. Nijat Mustafayev – APA-ECONOMICS. The seventh Ministerial Conference on Central Asia Regional Economic Cooperation (CAREC) of the Asian Development Bank has started in Baku.
About 140 representatives from the CAREC member countries are attending the conference.
CAREC is an allegiance of eight countries – Afghanistan, Azerbaijan, People’s Republic of China, Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan and Uzbekistan – with the common goal of promoting economic cooperation and development in Central Asia.
Mr. Shahin Mustafayev, Azerbaijan’s Minister of Economic Development, told the opening ceremony that his country takes great interest in proposals brought up within the CAREC programme.
Mr. Haruhiko Kuroda, President of the Asian Development Bank, called for the implementation of good projects, investment and attention within the scope of the CAREC Programme.
He added that the CAREC Programme has allocated $5 billion for 6 road projects in participating states, including Azerbaijan and it is slated to make available further $14 billion for these projects by 2020.
“One of the projects in Azerbaijan envisions establishing an East-West corridor which will be a trade bridge between Asia and Europe,” he added.
Mr. Kuroda welcomed the introduction of a one-stop shop system at customs checkpoints in Azerbaijan and urged other member states to use this system to contribute to the regional trade cooperation.
In his view, it is necessary to explore and discuss hydropower potential, climate change and water resources in the countries.
Several important regional strategies involving trade, energy and transportation will be discussed at the CAREC Ministerial Conference.
Mr. Kuroda has met with Azerbaijani President Ilham Aliyev as part of his visit to the country.
Two loans agreements - one for the Power Transmission Enhancement Project and another on additional loan for the Ganja Bypass Route are due to be signed between ADB and the Government of Azerbaijan during Mr. Kuroda’s visit.
The ADB Board of Directors approved a $160 million loan for the Power Transmission Enhancement Project that will help build a double-circuit 220 kilovolt transmission line and associated substation facilities, replacing two existing lines which have been in use for about 60 years.
The bank also approved a $55.4 million additional loan for Ganja Bypass Route, which is generally used by large trucks for long distance travel, which are not permitted to travel through Ganja, one of the most industrialized cities in Azerbaijan.
Before Azerbaijan, Mr. Kuroda visited Armenia on November 18 and Georgia on November 19.
In Armenia, he met with Armenian President Serzh Sargsyan and Prime Minister Tigran Sargsyan. He also inaugurated ADB’s new office in Yerevan.
In Georgia, he met with Georgian Prime Minister Grigol Mgaloblishvil and other officials.
At the meeting, they discussed ADB’s recent approval of a $70 million loan for emergency assistance for post-conflict recovery in Georgia.
CAREC nations partner with six multilateral institutions – the Asian Development Bank, European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, United Nations Development Programme and the World Bank – who combine their assistance in the priority areas of transport, energy and trade.
The Asian Development Bank is a multilateral development bank, owned by 67 member countries. ADB’s main instruments for developing its member countries are policy dialogue, loans, equity investments, guarantees, grants and technical assistance.
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