The Central Asia Regional Economic Cooperation (CAREC) Program convened its 24th Ministerial Conference in Bishkek on 20 November 2025, where Asian Development Bank (ADB) President Masato Kanda delivered a keynote address underscoring the program’s transformative impact over two decades and unveiling ambitious plans for future regional integration.
Hosted by the Kyrgyz Republic, the two-day gathering brought together ministers, distinguished delegates, and development partners to advance cooperation across Central Asia.
“CAREC has shown what countries can achieve when they work together,” Kanda said, highlighting the program’s role in mobilizing approximately $54 billion in investments since 2001, including $19 billion from ADB financing and co-financing. These funds have connected communities, generated jobs, and bolstered resilience.
Kanda outlined progress under three key pillars: Financing, Facilitation, and Foundations for the Future, emphasizing CAREC’s evolution into a dynamic platform for cross-border collaboration.
Pillar 1: Financing – Unlocking Connectivity with Purpose
Under the financing pillar, ADB announced plans to invest over $10 billion through 2030 to enhance regional connectivity, clean energy, digital transformation, and inclusive infrastructure. This commitment aims to streamline commerce and ensure equitable benefits for all.
A flagship initiative is the enhancement of CAREC Corridor 2, where ADB will mobilize about $4 billion for 18 projects between 2025 and 2028. Spanning seven CAREC countries, these efforts will upgrade trade, transport, and logistics networks, accelerating the movement of goods and people.
In the energy sector, ADB is channeling more than $800 million into two major hydropower developments: the Rogun project in Tajikistan and Kambarata-1 in the Kyrgyz Republic. Additionally, the bank is supporting Azerbaijan, Kazakhstan, and Uzbekistan in conducting a feasibility study for the Caspian Green Energy Corridor—a groundbreaking initiative poised to enable clean power exports from Central Asia to Europe.
“These initiatives reflect ADB’s core strength: bringing capital and confidence to complex cross-border projects that others cannot yet unlock,” Kanda noted.
Pillar 2: Facilitation
Beyond funding, CAREC serves as a “network of trust,” with ADB facilitating reforms that turn policy goals into actionable outcomes. Amid escalating climate and disaster risks, the bank recently approved a $56 million grant for the Kyrgyz Republic and Tajikistan. This innovative package combines contingent disaster financing with a disaster relief bond, transferring natural hazard risks to capital markets and enabling quicker government recovery post-crisis.
Another highlight is the Glaciers to Farms regional initiative, backed by the Green Climate Fund. Over the next decade, it will mobilize $3.5 billion to fortify irrigation, water storage, and watershed management, safeguarding livelihoods and food security for millions.
Pillar 3: Foundations for the Future
CAREC’s strength lies in its ability to plan long-term while delivering short-term results, Kanda said.
Key advancements include the CAREC Digital Corridor, which is establishing a robust terrestrial and fiber-optic network to link people and markets across borders.
ADB is also supporting the CAREC Climate and Sustainability Project Preparatory Fund, currently aiding five regional initiatives with more in the pipeline to develop climate-resilient, bankable projects.
Innovative tools like the CAREC Innovation and Venture Investment Facility will empower emerging entrepreneurs, while the Borders Upgrades for Integration, Logistics, and Development (BUILD) Facility will modernize borders and optimize logistics.
“These platforms show ADB’s value beyond lending. They show we bring ideas, standards, and coalitions that enable countries to move faster together,” Kanda emphasized.
A New Era of Transformation
As CAREC approaches its 25th anniversary, Kanda called for renewed commitment to a vision of an economically resilient, environmentally sustainable, socially inclusive, and digitally connected region.
“ADB will continue to be your partner of choice—as a bridge builder, a catalyst, and a steady hand in uncertain times,” he affirmed. /// nCa, 21 November 2025