EBRD, ADB agree on public-private partnerships in Caucasus and Central Asia

The European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank (ADB) agreed to work together on a range of projects to build capacity and promote public-private partnerships across the Caucasus and Central Asia, the EBRD reported on Monday.

A Memorandum of Understanding signed in London by Thomas Mirow, the President of the EBRD, and Haruhiko Kuroda, the President of the ADB, aims to strengthen and deepen cooperation in the common countries of operation: Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan and Uzbekistan.

"Both our institutions are strongly committed to helping unlock the region's vast economic potential by supporting market-oriented, private sector development, boosting public-private partnerships and building the road, rail and energy networks necessary to facilitate growth in trade and commerce," Mr. Mirow said.

"This framework for cooperation in countries we both serve is good for our clients and our two institutions," Mr. Kuroda told the signing ceremony. "The framework will encourage us to continue to work closely together, as we have been doing in the recent past, both with the private and public sectors."

The ADB and EBRD are partners in the Central Asian Regional Economic Cooperation (CAREC) program, which later this week celebrates its 10th Anniversary with a Ministerial Conference in Baku, Azerbaijan. Over the past decade, the CAREC partnership has developed energy networks and transport corridors worth some US$ 17 billion, connecting member countries to one another and to the booming markets of East and South Asia, Europe and Russia.

Examples of CAREC's work include Afghanistan's new railway linking the northern city of Mazar-e-Sharif with Uzbekistan, and a range of free trade and customs harmonization agreements to speed trade and reduce bottlenecks across the region