Azerbaijan to join CAREC Ministerial Conference

  26 October 2017    Read: 460
Azerbaijan to join CAREC Ministerial Conference

The Ministerial Conference of the Central Asia Regional Economic Cooperation (CAREC) program will be held in Dushanbe Oct 27.

Azerbaijan's delegation at the event will be led by Deputy Minister of Economy Niyazi Safarov.

This year’s ministerial conference will approve the new CAREC 2030 strategy, which broadens the mandate of CAREC and sets the stage for its next phase of growth.

The CAREC program established in 1997 is a partnership of 10 countries - Azerbaijan, Afghanistan, China, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, Uzbekistan and 6 multilateral institutions: ADB, European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, UN Development Program, and World Bank.

After joining the CAREC program in 2002, Azerbaijan has invested around $3 billion in program projects. Azerbaijan has allocated around $6 billion for development of the transport corridor within CAREC. The East-West Highway reconstruction by Azerbaijan within the CAREC program has transformed the country into a more effective corridor between Caspian and Black seas, and this contributed to the promotion of trade between Europe and Asia.

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