AIIB Ready to Allocate $13 Billion to CAREC Region

BUSINESS TURKMENISTAN
AIIB Ready to Allocate $13 Billion to CAREC Region
AIIB membership has reached 104 countries with $22 billion in commitments. (Photo: China Daily)

A meeting between representatives of the Asian Infrastructure Investment Bank (AIIB) and management of the Central Asia Regional Economic Cooperation (CAREC) Institute was held in Urumqi city in China, Orient news outlet reported on Wednesday.

The meeting participants discussed the post-COVID-19 recovery in CAREC region, as well as improving the use of transport corridors in Central Asia

AIIB Vice President Konstantin Limitovskiy said the bank is ready to allocate $13 billion investments for these projects.

AIIB and CAREC leaders noted the importance of working together to facilitate removal of trade barriers in CAREC.

AIIB membership has reached 104 countries with $22 billion in commitments, according to the report. The Bank is very active in water and transport sectors in Uzbekistan, energy and transport sectors in Tajikistan, and budget support activities in Kazakhstan.

The CAREC Institute is jointly shared, owned, and governed by eleven member countries: Afghanistan, Azerbaijan, the PRC, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. It is a knowledge support arm of the CAREC program.