News

World Bank supports Georgia’s economic development with additional financing for the Third East-West Highway Improvement Project

The World Bank Board of Executive Directors approved $43 million International Development Association Additional Financing for the Third East-West Highway Improvement Project for Georgia. This was the third in a series of investments aimed at upgrading the E60 Highway, Georgia’s key transport corridor.

ADB signs first trade finance agreements in Georgia

The Asian Development Bank signed trade finance agreements with Bank of Georgia and TBC Bank that are expected to bolster the trade sector and Georgia's role as a strategic hub between Europe and Asia.

ADB lays groundwork for easier border crossing in Central Asia

The Asian Development Bank (ADB) has approved a technical assistance grant for a feasibility study for the upgrading and modernization of border crossing points in Central Asia.

Kyrgyz Republic, Tajikistan sign cross-border transport agreement under CAREC

Kubanychbek Mamaev, Permanent Secretary of the Ministry of Transport and Communications of the Kyrgyz Republic, and Olimjon Boboev, Minister of Transport and Communications of the Republic of Tajikistan, signed a Cross-Border Transport Agreement (CBTA) that will promote bilateral and regional trade. This is the first CBTA signed under the Central Asia Regional Economic Cooperation (CAREC) Program.

World Bank approves additional financing for the regional and municipal infrastructure development project in Georgia

The World Bank Board of Executive Directors approved an Additional Financing in the amount of $45 million to Georgia for the Regional and Municipal Infrastructure Development Project . The additional financing has been requested by the Government of Georgia to scale up the project activities through rehabilitating additional municipal services and infrastructure throughout the country, and preparing strategic development plans for a number of selected cities.

Expanding CAREC takes stock of a decade of cooperation

The Central Asia Regional Economic Cooperation (CAREC) Program is holding its 9th Ministerial Conference (MC) as member countries take stock of a partnership that is laying the groundwork for a truly integrated and globally connected region.

Europe and Central Asia facing energy crunch

The outlook for primary energy supplies, heat, and electricity is questionable for the Eastern Europe and Central Asia region, despite Russia and Central Asia’s current role as a major energy supplier to both Eastern and Western Europe. In spite of the underlying resource base, the region as a whole will face an energy crunch unless investments of more than $3 trillion are made over the next 20 years, according to the new World Bank report.

ADB to extend $500 million to Georgia for seven-year road upgrade program

ADB is extending up to $500 million to Georgia to support a major overhaul of vital link-roads between Central Asia and the Caucasus.

ADB to help Georgia improve urban transport

ADB is providing a $30 million loan to finance infrastructure repairs and upgrades in selected urban municipalities in Georgia which have been hard hit by the global economic crisis and conflict with the Russian Federation.

CAREC countries seek trade expansion through regional cooperation

The eight countries of the Central Asian Regional Economic Cooperation (CAREC) Program agreed on a Trade Policy Strategic Action Plan (TPSAP) to expand trade through regional cooperation.