Yingming Yang, Vice-President, Asian Development Bank, and Bo Li, Deputy Managing Director, International Monetary Fund Despite heightened global uncertainty and persistent geopolitical tensions, the Caucasus and Central Asia have continued to surprise on the upside. Growth in the subregion, which includes Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, … [Read more...]
ADB-Funded $500 Million Project Transforms Turkmenistan’s National Power Grid
In 2018, ADB has supported Turkmenistan in strengthening its national power grid through a $500 million project, the first of its kind by an international financial institution in the country. The project financed nearly 1,400 km of transmission lines, 11 substations, and technical assistance, with additional contributions from Turkmenenergo. As a result, power exports rose … [Read more...]
Fintech Rising: ADB Sees Strong Growth Potential for Turkmenistan
The Asian Development Bank (ADB) report "Unlocking the Potential of Fintech in Central Asia" (December 2025) highlights rapid fintech growth in some CAREC economies, with others, including Turkmenistan, poised for expansion. Key drivers include favorable demographics, low starting financial inclusion levels, rising internet access, vibrant investment ecosystems, and … [Read more...]
Central Asia poised to become Trillion Dollar Economy by 2035
Central Asia, as a region, has shown remarkable growth across economic indicators in 2025. According to the Moderate Scenario, the region may gain the status of a Trillion Dollar Economy by 2035. Current Economic Baseline According to the most recent data, Central Asia's combined GDP reached $519 billion in 2024 China Daily. The latest forecast from Evgeny Vinokurov, … [Read more...]
ADB-Turkmenistan – 25 Years of Partnership
For 25 years, the Asian Development Bank (ADB) and the Government of Turkmenistan have partnered to meet the country's critical development needs. Since Turkmenistan became a member of ADB in 2000, the bank has helped the country progress on its path toward sustainable economic and social development. ADB has contributed toward improving transport infrastructure, strengthening … [Read more...]
ADB President Highlights $10 Billion Investment Push as CAREC Marks 24th Ministerial Conference in Bishkek
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 … [Read more...]
Turkmenistan Participated in CAREC 2025 Business Forum and 24th Ministerial Conference in Bishkek
A Turkmen delegation took part in the CAREC 2025 Business Forum and the 24th Ministerial Conference of the Central Asia Regional Economic Cooperation (CAREC) Program titled “Green and Digital CAREC,” held in Bishkek, Kyrgyz Republic. The delegation was led by Deputy Minister of Finance B. Veliyev and Deputy Chairman of the State Customs Service M. Vasiyev, the Ministry of … [Read more...]
Central Asia Economic Outlook 2025: A Comprehensive Survey of Macroeconomic Indicators and Projections
Editor’s Note: This report is experimental in nature. We have taken the data from IMF, World Bank, ADB, EBRD, and EDB and attempted to arrive at mean economic indicators. All of these financial institutions have their own methodologies because of the differences in their particular focus. This leads to the economic indicators being assessed differently by the different … [Read more...]
ADB Cuts Developing Asia Growth Outlook Amid Trade Tensions, But Central Asia Stays Robust
The Asian Development Bank (ADB) is trimming its growth outlook for developing Asia and the Pacific by 0.1 and 0.2 percentage points for this year and next, respectively, amid the emergence of a new global trade environment, shaped by tariffs and updated trade agreements. Economies in the region are projected to grow by 4.8% this year and 4.5% next year, according … [Read more...]
ADB Approves First Health Sector Project in Turkmenistan
The Asian Development Bank (ADB) has approved a $75 million equivalent loan and a $2 million grant from the Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR) to increase the quantity and improve the quality of nurses and midwives in Turkmenistan. The Improving Nursing Quality and Capacity Project is ADB’s first health sector project in the country. “The … [Read more...]
ADB, ACWA Power to Build Central Asia’s First Wind Power Plant with Battery Energy Storage
The Asian Development Bank (ADB) and ACWA Power Company (ACWA Power) signed a $51 million loan package to build the Nukus 2 Wind and Battery Energy Storage facility in Uzbekistan’s Qoraozak district in the Republic of Karakalpakstan. The project will be implemented by ACWA Power Beruniy Wind FE LLC, which is fully owned by ACWA Power. This project is Central Asia’s first wind … [Read more...]
The President of Turkmenistan received the Vice-President of the Asian Development Bank
On Monday, 23 June 2025, President of Turkmenistan Serdar Berdimuhamedov received Vice President of the Asian Development Bank for South, Central and West Asia Yingmin Yang. During the meeting, Yingming Yang noted that ADB pays special attention to cooperation with Turkmenistan, which demonstrates stable economic growth. In this regard, the ADB confirms its support for the … [Read more...]
ADB’s Strategic Partnership with Turkmenistan in the Energy Sector
The Asian Development Bank (ADB) has established a robust partnership with Turkmenistan, focusing on transformative initiatives in the energy sector to foster sustainable development, enhance energy efficiency, and accelerate the transition to a low-carbon economy. Artur Andrysiak, Country Director of the Turkmenistan Resident Mission, in his speech at the “White City … [Read more...]
Arkadag receives head of ADB mission in Turkmenistan – MoU for implementing ‘smart’ and ‘green’ technologies in Arkadag City signed
On May 17, 2025, in Arkadag City, Gurbanguly Berdimuhamedov, the National Leader of the Turkmen people and Chairman of the Halk Maslakhaty of Turkmenistan, met with Artur Andrisyak, Director of the Asian Development Bank's Permanent Mission in Turkmenistan. During the meeting, Andrisyak expressed gratitude to Arkadag Berdimuhamedov for his time and confirmed ADB's interest … [Read more...]
ADB Sees Growth Declining for Asia and the Pacific
Economies in developing Asia and the Pacific are projected to grow 4.9% this year, down from 5.0% last year, according to the latest forecast by the Asian Development Bank (ADB). Solid domestic demand and strong global appetite for semiconductors driven by the artificial intelligence boom are supporting growth, but tariffs and trade uncertainty will act as a headwind. … [Read more...]
IFT 2025: ADB Strengthens Commitment to Private Sector Development in Turkmenistan
At the International Forum on Attracting Investments in the Private Sector of Turkmenistan (IFT 2025), Artur Andrysyak, Country Director of the Asian Development Bank’s (ADB) Turkmenistan Resident Mission, reaffirmed ADB’s commitment to fostering private sector development in Turkmenistan. ADB has been a key development partner for Turkmenistan for the past 25 years. In … [Read more...]
AI Can Free Human Intelligence for Discovery and Exploration
Ozzeir Khan, Director, ADB Digital Innovation and Architecture, Information Technology Department Artificial intelligence is reshaping knowledge generation, but human intelligence remains essential for ethical oversight, innovation, and problem-solving. Integrating AI into industries, shifting away from Industrial Era work models, and accelerating learning will be key to … [Read more...]
New ADB President Masato Kanda Assumes Office
Masato Kanda officially assumed office as the 11th President of the Asian Development Bank (ADB) on 24 Feb 2025. “I am deeply honored to take on the role of ADB President at this important moment for our region,” Mr. Kanda said. “With the trust of our 69 members and strong support of our dedicated staff, I am committed to advancing ADB’s mission to promote sustainable, … [Read more...]
ADB Upwardly Revises Growth Forecast for Caucasus and Central Asia
The growth projection for the Caucasus and Central Asia is revised by the Asian Development Bank (ADB) upward to 4.9% from 4.7% for 2024 and to 5.3% from 5.2% for 2025, according the latest edition of the Bank’s Asian Development Outlook (ADO), released on 11 December. The adjustment reflects robust growth in Azerbaijan, Georgia, Tajikistan, and Uzbekistan to date, higher … [Read more...]
Masato Kanda Elected as ADB President
The Asian Development Bank (ADB) Board of Governors has unanimously elected Masato Kanda as ADB’s 11th President. Mr. Kanda, 59, currently serves as Special Advisor to Japan’s Prime Minister and Minister of Finance. He will assume office on 24 February 2025, succeeding Masatsugu Asakawa, who will leave office on 23 February 2025. Mr. Kanda will complete the unexpired term of … [Read more...]
ADB Launches Major Initiative for Central Asia and South Caucasus to Build Resilience to Melting Glaciers
The Asian Development Bank (ADB) launched a new regional program, Glaciers to Farms, that will promote sustainable water use and food security in Central Asia, the South Caucasus, and Pakistan amid the catastrophic impacts of accelerated glacial melt due to climate change, ADB said in a press-release on 14 November 2024. Supported by the Green Climate Fund’s (GCF) Project … [Read more...]
CAREC Ministers launched the Regional Climate Fund and endorsed Climate Change Action Plan
Member countries of the Central Asia Regional Economic Cooperation (CAREC) Program have endorsed a new Climate Change Action Plan (CCAP) and launched the CAREC Climate and Sustainability Project Preparatory Fund (CSPPF) to strengthen regional collaboration on climate resilience, low-carbon growth, and sustainable development. This endorsement took place at the 23rd CAREC … [Read more...]
CIET 2024: Turkmenistan strengthens cooperation with international financial institutions to implement major state projects
Chairman of the Board of the State Bank for Foreign Economic Affairs of Turkmenistan Rahimberdi Jepbarov, speaking at the international construction and industrial conference "Construction, Industry, Energy of Turkmenistan" (CIET 2024) in Ashgabat, presented an overview of cooperation with international financial institutions and cited some indicators of the development of the … [Read more...]
CIET 2024: ADB Supports Turkmenistan’s Energy Sector Paving the way for wider renewables use
Artur Andrysyak, Country Director of the Asian Development Bank's (ADB) Turkmenistan Resident Mission, highlighted the bank's commitment to supporting Turkmenistan's energy and renewable energy sectors during his presentation at the international conference "Construction, Industry, Energy of Turkmenistan" (CIET 2024). ADB's engagement in Turkmenistan is aligned with its … [Read more...]
ADB Brief: Decarbonizing Value Chains in the Central Asia Regional Economic Cooperation Economies
The ADB has issued a brief on the importance of decarbonizing value chains in the Central Asia Regional Economic Cooperation (CAREC) economies. It is available in pdf at this link: https://www.adb.org/sites/default/files/publication/1007746/adb-brief-316-decarbonizing-value-chains-carec.pdf Here is the essence of the brief, as generated by NotebookLM: ● CAREC has a high … [Read more...]
Additional ADB Grant to Strengthen Energy Security in Central Asia
The Asian Development Bank (ADB) has approved additional grant financing of $15 million to help Tajikistan scale up an ongoing project to reconnect the country’s power system to the Central Asian Power System (CAPS) through interconnections with neighboring Uzbekistan. “Through the Central Asia Regional Economic Cooperation (CAREC) program, ADB actively promotes regional … [Read more...]
ADB Raises Economic Growth Forecast for Developing Asia and the Pacific
The Asian Development Bank (ADB) has raised its economic growth forecast for developing Asia and the Pacific this year, amid solid domestic demand and continued strength in exports. ADB has also lowered its forecast for regional inflation. The region is forecast to grow by 5.0% this year, compared with a projection of 4.9% in April, according to Asian Development Outlook … [Read more...]
TIF 2024: ADB Commits $625 Million to Turkmenistan’s Development
The Asian Development Bank (ADB) has pledged $625 million in investment projects in Turkmenistan, with one project completed and another ongoing. Additionally, the Bank is providing $11 million in technical assistance to strengthen institutions and capacity building, as announced by ADB's Country Director for Turkmenistan, Artur Andrysiak, during his online presentation at … [Read more...]
New ADB Strategy to Propel Turkmenistan Towards a More Sustainable, Climate-Resilient, and Competitive Economy
The Asian Development Bank (ADB) today launched a new country partnership strategy for Turkmenistan designed to help the Central Asian nation develop a competitive, diversified, and knowledge-based economy driven by an innovative private sector. Under the new strategy, covering 2024-2028, ADB’s assistance will focus on three strategic priorities — supporting the green … [Read more...]
ADB Unveils New Country Partnership Strategy to Boost Turkmenistan’s Green and Competitive Economy
The Asian Development Bank (ADB) has published a new Country Partnership Strategy (CPS) for Turkmenistan, outlining its commitment to support the country's transformation into a sustainable, climate-resilient, and competitive economy from 2024 to 2028. The CPS is built upon three pillars: supporting the green transformation to a sustainable and climate-resilient … [Read more...]
ADB and FutureWater hold Initial Discussions on Climate Adaptation Project in Turkmenistan
Early July, an Asian Development Bank (ADB) delegation and FutureWater visited Ashgabat for meetings and consultations with specialists from Turkmenistan’s Ministries of Agriculture and Environmental Protection, as well as the State Committee of Water Resources. The goal was to establish scientific and practical cooperation for a new climate adaptation-focused project. The … [Read more...]
Turkmenistan and ADB Team Up for Greener Agriculture Project
Representatives from the Asian Development Bank (ADB), including climate specialist Leo Chris Palao and consultant Johannes Kunink, recently held a series of consultative meetings with environmental management and agriculture specialists in Ashgabat. Employees from the ADB's Ashgabat office also participated in the final meeting, according to the Neutral Turkmenistan … [Read more...]
ADB Raises Developing Asia and the Pacific’s Economic Growth Forecast for 2024
The Asian Development Bank (ADB) has slightly raised its economic growth forecast for developing Asia and the Pacific this year to 5.0% from a previous projection of 4.9%, as rising regional exports complement resilient domestic demand. The growth outlook for next year is maintained at 4.9%. Inflation is forecast to slow to 2.9% this year amid easing global food prices and … [Read more...]
ADB Forecasts Developing Asia’s Economy to Grow 4.9% in 2024
MANILA, PHILIPPINES (11 April 2024) — Developing economies in Asia and the Pacific are forecast to expand by 4.9% on average this year as the region continues its resilient growth amid robust domestic demand, improving semiconductor exports, and recovering tourism. Growth will continue at the same rate next year, according to the Asian Development Outlook (ADO) April 2024, … [Read more...]
UNODC and ADB support Regional Platform for Fast-Tracking the Implementation of the UN Convention Against Corruption (UNCAC) in Central Asia
On March 26-27, 2024, Bishkek hosted a hybrid expert workshop as part of the Regional Platform for Fast-Tracking the UNCAC Implementation in Central Asia supported by UNODC. The workshop aimed at enhancing capacity and promoting peer learning of regional anti-corruption practitioners on best practices in preventing conflicts of interest and implementing ethical conduct in … [Read more...]
ADB approved Project for Agricultural Development and Food Security in the Central Asia
Recently the Asian Development Bank approved technical assistance project titled “Resilient and Inclusive Agricultural Development and Food Security in the Central Asia Regional Economic Cooperation”. The project’s covers Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Pakistan, China, Tajikistan, Turkmenistan, and Uzbekistan. The CAREC member countries face … [Read more...]
From Droughts to Floods: Adapting Central Asia’s Transport to a Changing Climate
Over the next decades, the effects of climate change will likely exert considerable pressure on the transport infrastructure of Central Asia. In response, policymakers and the engineering community need to implement resilient yet sustainable designs and construction solutions. Manual for Climate Change Adaptation Measures for Transport Infrastructure in Central Asia, developed … [Read more...]
Asian Development Bank slightly raises its 2023 forecast for economies of Caucasus and Central Asia
The Asian Development Bank (ADB) has slightly raised its economic forecast for economies in Caucasus and Central Asia 2023. The upward revision reflects an improved outlook for Kazakhstan and Tajikistan for 2023. The growth forecasts for the Caucasus and Central Asia are revised up to 4.8% for 2023 from September’s 4.6% projection and down to 4.6% from 4.7% for 2024, according … [Read more...]
CAREC Countries Endorse New Vision to Fight Climate Change Together
Member countries of the Central Asia Regional Economic Cooperation (CAREC) Program today committed to work together to cut greenhouse gas emissions and build resilience to climate change. “We endorse the Regional Action on Climate Change: A Vision for CAREC to help countries implement their commitments under the Paris Agreement,” said the joint ministerial statement issued … [Read more...]
Five Steps to Economic Resilience in the Caucasus and Central Asia
By Eugene Zhukov, Lyaziza Sabyrova, Roman Mogilevskii The ability of the economies of the Caucasus and Central Asia to effectively respond to external shocks critically depends on their cooperation in diversifying trade and transport routes. The right policies and development of the Middle Corridor is a key to success. In the last several years, the countries of the … [Read more...]
ADB Appoints Yingming Yang as Vice-President for South, Central, and West Asia
The Asian Development Bank (ADB) has appointed Yingming Yang as Vice-President (South, Central, and West Asia) for a period of 3 years. He will be responsible for the management of the operations of ADB’s Central and West Asia Department and South Asia Department. Mr. Yang has over 30 years of experience in economic development, working on issues ranging from operations to … [Read more...]
OGT 2023: ADB’s engagement in the energy sector of Turkmenistan
Highlights: ADB will continue to keep strong focus on energy sector in Turkmenistan ADB stands ready to help Turkmenistan in elaborating the Strategy for Long-term Carbon Neutrality The Bank is also working on preparing a Roadmap for the low-carbon transition in Turkmenistan in power sector. ADB is ready to support Turkmenistan's efforts to reduce greenhouse … [Read more...]
Accession of Turkmenistan to the World Trade Organization: Technical Working Sessions on the Memorandum of Foreign Trade Regime
On 2-6 October, the Asian Development Bank (ADB) and the World Trade Organization (WTO) organized technical working sessions on policies affecting trade in goods, which form part of the Memorandum of Foreign Trade Regime (MFTR) – a key document for WTO accession negotiations. The activity builds on the series of capacity building on Turkmenistan’s accession to the WTO: … [Read more...]
ADB Capital Management Reforms Unlock $100 Billion in New Funding Over Next Decade to Support Asia and the Pacific
The Asian Development Bank (ADB) today approved capital management reforms that unlock $100 billion in new funding capacity over the next decade to address the region’s overlapping, simultaneous crises. The expansion of available funds will be further leveraged through mobilizing private and domestic capital to move from the billions to trillions required to tackle the climate … [Read more...]
ADB Projects Solid Growth but Rising Risks for Asia and Pacific
Economic growth in Asia and the Pacific is expected to remain solid, although risks to the outlook are rising, according to a report by the Asian Development Bank (ADB). The region’s developing economies are forecast to grow 4.7% this year, a slight downward revision from a previous projection of 4.8%, according to Asian Development Outlook (ADO) September 2023, released … [Read more...]
ADB and Saudi ACWA POWER inked a loan agreement on the construction of two wind farms in Uzbekistan
The projects claim to be the largest in the field of wind development in the region The Asian Development Bank (ADB) and ACWA Power Company (ACWA) signed $174 million worth of loans to develop the Bash wind power and Dzhankeldy wind power plants, both located in the Bukhara region in Uzbekistan, ADB said. The financing comprises loans amounting to $40.5 million for Bash and … [Read more...]
ADB Forecasts 4.8% Growth for Asia and Pacific in 2023 and 2024
The Asian Development Bank (ADB) forecasts faster growth for developing economies in Asia and the Pacific this year, as the continued easing of pandemic restrictions boosts consumption, tourism, and investment. The People’s Republic of China’s (PRC) reopening—as it pivots away from its zero-COVID strategy—is the main factor brightening the region’s growth … [Read more...]
ADB Helps Connect Central Asian Countries — Independent Evaluation Report
The Asian Development Bank (ADB) has helped advance transport and energy connectivity among member countries of the Central Asia Regional Economic Cooperation (CAREC) Program, but progress on improving regional economic competitiveness, trade, and the supply of regional public goods in the subregion has been more limited, according to an independent evaluation report released … [Read more...]
ADB supports Turkmenistan in unlocking country’s potential as an important regional transport and transit hub
Asian Development Bank has been supporting Turkmenistan efforts to reposition the country as trade and transit hub through several initiates and projects in transport sector and this cooperation will continue to foster. This was evidenced from the presentation by Mr.Artur Andrysiak, ADB Country Director at the Ashgabat Conference devoted to international transport and transit … [Read more...]
ADB Supports Turkmenistan’s Development with $632.6 Million in Loans, Grants, and Technical Assistance
To date, ADB has committed 13 public sector loans, grants, and technical assistance totaling $632.6 million to Turkmenistan, says Bank’s updated fact sheet. In 2022, ADB topped up its transaction technical assistance portfolio by $225,000 to help prepare bankable projects in Turkmenistan. ADB advanced significantly with the processing of proposed projects including Improving … [Read more...]