BAKU, Azerbaijan, April 10. The South Caucasus is currently implementing 17 projects under the Central Asia Regional Economic Cooperation (CAREC) Program launched by the Asian Development Bank (ADB), Trend reports.
According to CAREC, eight projects are currently being implemented in Azerbaijan and 13 in Georgia.
Meanwhile, some projects are being implemented in both countries at the same time.
Thus, the following projects are being implemented in both countries: promotion of gender equality in the Central Asia Regional Economic Cooperation region; better customs services for better customer service in the Central Asia Regional Economic Cooperation countries; implementation of an integrated trade agenda under the Central Asia Regional Economic Cooperation program; modernization of sanitary and phytosanitary measures to facilitate trade.
However, the projects implemented in each country are mainly in the transport sector.
A total of 37 projects have been implemented in the South Caucasus since 2001.
Additionally, investments in Azerbaijan under the CAREC program amounted to $6.9 billion from 2001 to 2023.
CAREC investments totaled nearly $51.02 billion in 276 regional projects since 2001. ADB has contributed over $17.6 billion, other partners have provided $23.37 billion, and CAREC member governments have invested $10.05 billion.
Transport projects received the largest share of investment at 67.5 percent ($34.45 billion), followed by energy at 24.9 percent ($12.71 billion).
To note, the CAREC program, which involves 11 countries and development partners, aims to promote economic growth and poverty reduction through cooperation.
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