EBRD Director for Central Asia Arrives in Baku

Business Materials 18 November 2008 23:15 (UTC +04:00)

Azerbaijan, Baku, 18 November /corr. Trend N.Ismaylova / Masaru Honma, EBRD Director for Central Asia, arrived in Baku to attend the Ministerial conference on CAREC (Central Asian Regional Economic Cooperation) program, Baku representation of the bank said on 18 November.

"The visit is aimed at participating in the event within CAREC and the program of the visit does not include other meetings," the same source said.

The event will begin on 19 November with the meeting of the officials from the member states of the program, where the project of strategy of energy co-operation will be coordinated. The energy strategy is planned to be approved at the Ministerial conference.

The basic goal of the developed strategy is to provide the countries with energy. The projects include drawing electric power lines between the member states of CAREC. At the same time, the support is not excluded for Trans-Caspian projects on the energy resources transportation.

A number of documents is expected to be adopted within the conference. They include action plan on strategy of the development of transport corridors, plan of energy co-operation, action plan on the development of trade. Also a conception on institutionalization of CAREC can be presented at the conference. This concept was approved at the last Ministerial conference, but a medium-term action plan must be developed to conduct studies for development of CAREC program.

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 Ministry of Economic Development is the coordinating department from the Government of Azerbaijan in the CAREC program.

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).

The program is directed at financing infrastructural projects and improving the regional policy in transport, trade assistance, goods policy and energy spheres.

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