It is necessary to create a single fund for financing the countries of the SPECA region (UN Special Program for the Economies of Central Asia), representative of the Brookings Institution, Johannes Linn, said at the SPECA 2023 economic forum in Baku on the topic “Transforming the SPECA region into a connectivity hub with global outreach,” Report informs.
“Today, SPECA should pay more attention to regional standards and conventions. SPECA follows the provisions of the conventions in the field of transport, road safety, cross-border transport, green energy, air and water pollution, green corridors, etc., encouraged by the UN Economic Commission for Europe. However, the formation of regional standards is important. However, this process requires financial support, otherwise there will be no result,” he said.
According to Linn, an important point is to determine the sources of investment, the regulatory mechanism, and the organization of a monitoring mechanism: “In particular, the countries of the SPECA region should establish cooperation among themselves. This includes the creation of a bank or fund under the auspices of the UN.”
This issue should be the subject of broad discussion among the SPECA countries, Linn added.