Finance

Finance

Baku to host 10th anniversary CAREC Ministerial Conference, next week

17 November 2011 08:00 (UTC +04:00)

Since joining CAREC in 2002, Azerbaijan has invested almost $3 billion in CAREC-related projects that are helping improve lives and livelihoods across the region. An extensive network of CAREC road and railway corridors carry people and trade from northern Peopleâ€™s Republic of China to the Caucasus and Europe, and from Kazakhstan to the warm water ports of Karachi, Gwadar and global markets beyond.

Azerbaijanâ€™s East-West Highway improvements under CAREC have helped make this vital transport artery a faster and more efficient corridor between the Caspian Sea and the Black Sea, promoting more trade between Europe and Asia. Better roads have helped revive local agricultural and industrial sectors, and also spread the benefits of oil revenue.

"Road construction demonstrates Azerbaijan’s commitment to building links that improve commerce and the quality of life at home and beyond its borders,’’ said Olly Norojono, Asian Development Bank (ADB) Resident Representative in Azerbaijan. "By playing host once again, the Azerbaijan government is graciously demonstrating its desire to achieve deeper regional cooperation.’’

The Ministerial Conference, to be held from 22-24 November, is the second time Azerbaijan has welcomed ministers from CAREC member countries after the annual gathering was held in Baku in 2008. Ministers and senior officials from all CAREC countries will not only mark the achievements of the first 10 years, but also embrace a deeper vision of a truly integrated and globally connected region where people and trade move faster and more efficiently through borders.

At the conference, CAREC 2020 will be launched as the new strategy for the next 10 years that will help countries expand trade, spur competitiveness in the broader global economy, and reposition Central Asia as the pivot of regional trade.

Financing of CAREC projects over the next 10 years will also be discussed by senior representatives of donor agencies from Japan, the United States, the United Kingdom and others at the Development Partnersâ€™ Forum.
The CAREC countries comprise Afghanistan, Azerbaijan, the Peopleâ€™s Republic of China, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. Six multilateral institutions support the work of CAREC: the ADB, European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, United Nations Development Programme, and World Bank. ADB has served as the CAREC Secretariat since 2001.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 membersâ€”48 from the region. In 2010, it approved a total of $13.8 billion in financing operations through loans, grants, guarantees, a trade finance facilitation program, equity investments, and technical assistance projects. ADB also mobilized cofinancing amounting to $3.7 billion