Source: Trend News Agency

The European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank (ADB) have agreed to work together on a range of projects to build capacity, and promote public and private partnerships across the Caucasus and Central Asia. The organization aim to strengthen and deepen cooperation in the common countries of operation: Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan, and Uzbekistan.

“Both our institutions are strongly committed to helping unlock the region's vast economic potential by supporting market-oriented, private sector development, boosting public-private partnerships, and building road, rail and energy networks necessary to facilitate growth in trade and commerce,” said Thomas Mirow during a memorandum of understanding ceremony in London.

The ADB and EBRD are partners in the Central Asian Regional Economic Cooperation (CAREC) program, which later this week celebrates its 10th anniversary with a Ministerial Conference in Baku, Azerbaijan.  Over the past decade, the CAREC partnership has developed energy networks and transport corridors worth some USD 17 billion, connecting member countries to one another and to the booming markets of East and South Asia, Europe, and Russia.