ADB vice president: CAREC countries invested $9B in 2022

Total investments under the Central Asian Regional Economic Cooperation (CAREC) Program reached about $47 billion at the end of last year, Vice-President of the Asian Development Bank (ADB) Shixin Chen said at the 56th annual meeting of the ADB Board of Governors in Incheon (South Korea), Report informs.

He noted that $17 billion of these funds were directed by the ADB, about $21 billion by other European partners, and $9 billion by the governments of the CAREC member states.

Chen believes that Asia needs coordinated work and rapid adaptation to economic conditions.

In 2023, ADB plans to invest mainly in energy, agriculture, and transport projects, according to statements.

In particular, within the programs for Central and Western Asia, it is planned to introduce agricultural practices taking into account the climate agenda, improve the healthcare system, natural disaster warning systems, and develop a common CAREC climate change vision system.

According to an ADB study, up to 10% of cultivated land, large areas of pastures and some forest areas in Central Asia are subject to degradation and desertification.

CAREC member countries include Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan and Uzbekistan.