CAREC Countries to Hold Consultations on Corrections to Complex Action Plan

Azerbaijan, Baku, 27 June /corr. Trend I.Khalilova / To discuss necessity of corrections to the complex action plan for strategic management of CAREC (Central Asian Regional Economic Cooperation) program, a consultative seminar will take place in Baku on 1 July for the program participating countries, a source at Asian Development Bank's Baku representation said on 27 June. The plan was adopted in 2006 and therefore, making corrections to it is important.

The CAREC program focuses on financing the infrastructure projects and improving the region's policy in priority areas such as transport, energy, and trade policy and trade facilitation.

At the end last year, the CAREC participating countries approved the program of assistance to trade and transport facilitation in the region, and at present analogous strategy is being prepared in with regards to energy. Azerbaijan made proposals for broadening regional co-operation between the countries in the field of tourism. At the initial stage, this proposal must be thoroughly studied by the institute of studies, established last year at the Ministerial conference in Dushanbe.

The total amount of the financing, approved in 2007, for the development of transport corridors composes $1.2bln, with $680mln being allocated by the Asian Development Bank.

The program is directed at financing infrastructural projects and improving the regional policy in transport, trade assistance, goods policy and energy spheres. The six partnership international organizations of CAREC are planning to allocate over 40 loans to member-countries in the sum of $2.3bln to support priority regional investments from 2006 to 2008.

CAREC program was established in 1998.

CAREC is a partnership involving eight countries ( Azerbaijan, Afghanistan, China, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan and Uzbekistan) and six international financial institutions (Asian Development Bank, International Monetary Fund, European Bank for Reconstruction and Development, UNDP, World Bank and Islamic Development Bank).

Official rate on 27 June is 0.8128 AZN/USD.

The correspondent can be contacted at: [email protected]

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