Azerbaijan, Baku, Nov. 22 / Trend N.Ismayilova /
A number of issues relating to the CAREC programme will be discussed at a high level meeting in Baku today. This takes place on the eve of the X jubilee Ministerial Conference of the Central Asian Economic Cooperation Programme (CAREC), the head of the Ministry of Economic Development Administration Samir Veliyev said Tuesday at the opening meeting today.
"This has been a very productive year," he said. "Four meetings of the CAREC Coordinating Council were held during that period along with official meetings at a senior level."
He said a number of documents will be discussed on the agenda which will then be submitted for final approval at the conference tomorrow.
Mr Klaus Gerhaeusser, Director General of ADB's East Asia Department, said that the following issues, including the final version of the CAREC 2020 strategy, the list of priority projects, the review of projects in key sectors, as well as an action plan prepared by the secretariat will be covered.
"About $17 billion of CAREC-related investments were made in energy, trade, and transportation to improve lives across the region." he said.
Since joining CAREC in 2002, Azerbaijan has invested almost $3 billion in related projects.
The ministerial conference, to be held from Nov.22-24, is the second time Azerbaijan has welcomed ministers from CAREC member countries after the previous annual gathering was held in Baku in 2008.
At the conference, CAREC 2020 will be launched as the new strategy for the next 10 years to help countries expand trade, spur competitiveness in the broader global economy and reposition Central Asia as the pivot of regional trade.
The CAREC countries comprise Afghanistan, Azerbaijan and the People's Republic of China, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. Six multilateral institutions support the work of CAREC, namely the ADB, European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, United Nations Development Programme, and the World Bank. ADB has served as the CAREC Secretariat since 2001.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Established in 1966, it is owned by 67 members, 48 from the region. In 2010, it approved a total of $13.8 billion in financing operations through loans, grants and guarantees, a trade finance facilitation programme, equity investments and technical assistance projects. ADB also mobilised financing amounting to $3.7 billion.