News

World Bank and AIIB sign cooperation framework

The memorandum of understanding provides an overall framework for cooperation between the World Bank Group and the Asian Infrastructure Investment Bank (AIIB) in common areas of interest, including development financing, staff exchanges, and analytical and sector work.

CAREC aviation officials discuss regional air cooperation

Aviation officials and airline representatives from 11 member countries of the CAREC Program met in Singapore to discuss potential for enhanced regional air transport connectivity and cooperation.

World Bank vice president visits Azerbaijan, discusses support to country’s reform program

Mr. Cyril Muller, World Bank Vice President for Europe and Central Asia, visited Azerbaijan to discuss with the authorities the World Bank Group’s support for the country’s development agenda.

World Bank Group supports diversification of Azerbaijan’s gas export markets and security of energy supply for Turkey and Europe

The World Bank’s Board of Executive Directors approved a US$400 million loan for Turkey and a $400 million loan for Azerbaijan for the Trans-Anatolian Natural Gas Pipeline (TANAP) Project.

ADB supports $1 billion financing to expand Azerbaijan gas field

The Asian Development Bank (ADB) will provide $1 billion in private and public sector assistance to expand Azerbaijan’s Shah Deniz II, one of the world’s largest gas fields.

ADB holds regional trade finance workshop in Tashkent

The Asian Development Bank’s Trade Finance Program launched a two-day workshop for trade finance professionals in Tashkent. A total of 48 participants representing 36 banks from seven Central Asia and Caucasus countries are attending.

ADB VP reaffirms support for Azerbaijan’s development priorities

Asian Development Bank (ADB) Vice President Wencai Zhang met with Ilham Aliyev, President of Azerbaijan, Prime Minister Artur Rasi-zade, and Samir Sharifov, Minister of Finance and ADB Governor, to reaffirm ADB’s continuous support for the country’s development and reform priorities. (Photo credit: ADB)

ADB president calls for expanded CAREC agenda to meet new challenges

Asian Development Bank (ADB) President Takehiko Nakao concluded a 2-day visit to Pakistan. He met with Prime Minister Mian Muhammad Nawaz Sharif; the Finance Minister and ADB Governor, Senator Ishaq Dar, and other senior officials; and attended the 15th Central Asia Regional Economic Cooperation (CAREC) Ministerial Conference, which welcomed Georgia as its 11th member.

Central Asian countries identify $94 billion energy investment needs to 2023

Central Asian countries have identified power investment needs of about $94 billion to 2023, according to an Asian Development Bank (ADB)-commissioned study presented at an energy forum in Islamabad, Pakistan.

Need for reforms intensifies amid weak growth in Caucasus, Central Asia

The Caucasus and Central Asia is embarking on one of its slowest economic recoveries since independence, the IMF announced, as the region continues to battle the effects of a number of large and persistent external shocks