ADB announces lending package for regional states
Member states of the Asian Development Bank`s (ADB)
Central Asia Regional Economic Cooperation (CAREC) group held their
seventh conference in Baku last week, mainly focusing on issues of
creating energy and transport corridors within regional countries.
Attending were representatives of the eight CAREC states and six
financial institutions.
CAREC is an alliance of Afghanistan, Azerbaijan, China, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan and Uzbekistan. Its key objective is to contribute to closer economic cooperation and development in Central Asia.
Azerbaijani representatives attending the conference pointed out that the event sought to eliminate hurdles standing in the way of free trade and promote liberalization of trade within the CAREC participating states.
Sean O`Sullivan, Deputy Director General of the Central West Asia Department, said that the ADB will also invest a total of $21 billion in creating regional transport corridors within the CAREC program.
According to him, under the energy strategy adopted by the bank within the CAREC program, the ADB would channel some $1 billion of investments into Azerbaijan. The funds will be used for upgrading electricity transmission lines, overhauling the electricity supply network connecting the country to neighboring Russia, Iran and Georgia, updating the gas distribution network, and activities aimed at preventing the unintentional loss of gas.
As part of their strategy for transporting energy, the ADB has opened a $500 million credit line to Azerbaijan for the development of the East-West transport corridor.
Further, O`Sullivan said the ADB was placing a special emphasis on improving infrastructure in Azerbaijan as part of the Country Partnership Strategy, which is currently underway. Every year the bank disburses $200 million to the country for improving infrastructure.
O`Sullivan added that the ADB planned to invest in Azerbaijan`s water supply and energy industries in 2009 along with the development of railways in 2010.
The conference was attended by ADB President Haruhiko Kuroda, who last week scheduled a four-day visit to the South Caucasus states including Azerbaijan, Armenia and Georgia.
CAREC is an alliance of Afghanistan, Azerbaijan, China, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan and Uzbekistan. Its key objective is to contribute to closer economic cooperation and development in Central Asia.
Azerbaijani representatives attending the conference pointed out that the event sought to eliminate hurdles standing in the way of free trade and promote liberalization of trade within the CAREC participating states.
Sean O`Sullivan, Deputy Director General of the Central West Asia Department, said that the ADB will also invest a total of $21 billion in creating regional transport corridors within the CAREC program.
According to him, under the energy strategy adopted by the bank within the CAREC program, the ADB would channel some $1 billion of investments into Azerbaijan. The funds will be used for upgrading electricity transmission lines, overhauling the electricity supply network connecting the country to neighboring Russia, Iran and Georgia, updating the gas distribution network, and activities aimed at preventing the unintentional loss of gas.
As part of their strategy for transporting energy, the ADB has opened a $500 million credit line to Azerbaijan for the development of the East-West transport corridor.
Further, O`Sullivan said the ADB was placing a special emphasis on improving infrastructure in Azerbaijan as part of the Country Partnership Strategy, which is currently underway. Every year the bank disburses $200 million to the country for improving infrastructure.
O`Sullivan added that the ADB planned to invest in Azerbaijan`s water supply and energy industries in 2009 along with the development of railways in 2010.
The conference was attended by ADB President Haruhiko Kuroda, who last week scheduled a four-day visit to the South Caucasus states including Azerbaijan, Armenia and Georgia.
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