The EFSD takes part in CAREC Energy Working Group Meetings
Moscow, 2 June 2021. The Eurasian Fund for Stabilization and Development (EFSD, Fund) managed by the Eurasian Development Bank (EDB) took part in the meetings of the Energy Working Groups of the Central Asia Regional Economic Cooperation (CAREC) programme. These meetings are taking place in the run-up to and to prepare for the CAREC Energy Sector Coordinating Committee Meeting, where the EFSD is also expected to take part. The working groups aim to implement the CAREC Energy Strategy 2030 endorsed at the November 2019 CAREC Ministerial Conference.
The working groups discussed priority energy issues such as intensifying energy sector reforms; attracting private investment; strengthening cooperation in integrating the region’s energy management systems; moving towards green energy by extending support for special mechanisms; and launching a programme to enhance women’s participation in energy sector development.
The EFSD has been participating in CAREC activities for many years. The Fund supports the development and rehabilitation of basic infrastructure, including in the energy sector, and promotes macroeconomic stabilisation and institutional reforms, with the energy sector playing an important role in the region’s countries.
The CAREC programme marked its 20th anniversary in 2020. Over this period, it has financed 208 regional projects worth US $39.2 billion. The countries that are both EFSD and CAREC members are Kazakhstan, the Kyrgyz Republic, and Tajikistan. Both CAREC and the EFSD work in the energy and transport sectors and promote macroeconomic stabilisation, strategic planning, and research in these and other areas. CAREC projects with EFSD participation include Kambarata, Uch-Kurgan, Toktogul and Nurek hydropower plants and the Bishkek–Osh transport corridor.
The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The Bank was established in January 2006 and is headquartered in Almaty. The EDB’s portfolio mainly consists of projects with an integration effect in the areas of transport infrastructure, digitalisation, green energy, agriculture, industry, and machinery.
The Eurasian Fund for Stabilization and Development (EFSD) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration in the region. The EFSD member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the EFSD Resources Manager.
The EDB Media Centre:
Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)
Sergey Gorbachev +7 (916) 727 22 00 (Moscow)