Tashkent, Uzbekistan (UzDaily.uz) — The Central Asia Regional Economic Cooperation (CAREC) Program has marked its 25th anniversary, with cumulative investment reaching US$60.2 billion and membership expanding from five founding countries to 11.
The figures were announced on 29 September in Ulaanbaatar, where ministers from CAREC member countries met. The meeting resulted in the adoption of a declaration outlining priorities for further regional cooperation.
Investments under the program have been directed, among other areas, toward developing transport and energy links and expanding regional countries’ access to markets.
“Cooperation requires countries to entrust each other with part of their future,” said Masato Kanda, President of the Asian Development Bank (ADB). He noted that CAREC countries had steadily strengthened mutual trust over the past 25 years, while further efforts should make the partnership more effective for future generations.
The next stage is expected to focus on facilitating trade and attracting investment. Priorities include modernizing border crossings and developing energy and digital networks.
At the same time, intraregional trade among CAREC countries currently accounts for about 5% of their combined foreign trade turnover, indicating potential for further expansion of business ties within the region.
The ADB is developing a new generation of CAREC economic corridors that combine investment in transport, energy, digital connectivity, trade, human capital and urban development. By 2030, the bank plans to provide more than US$7.5 billion in financing and mobilize around US$3 billion in private capital.
Since the beginning of 2025, the ADB has already approved around US$3 billion in financing for CAREC countries, representing approximately 30% of the indicative US$10 billion financing target through 2030 announced at last year’s ministerial conference. The funds are being directed to projects in Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkmenistan and Uzbekistan.
As of August 2026, US$19.9 billion of the CAREC program’s total US$60.2 billion in investment had been provided by the ADB. With the bank’s support, more than 20,000 km of roads and railways have been modernized under CAREC projects, helping reduce travel times and trade costs.
To further modernize border infrastructure, the ADB has approved the Border Upgrades for Integration, Logistics and Development (BUILD) mechanism, which provides for up to US$400 million in financing.
In the energy sector, a portfolio of CAREC projects is being developed, with its value expected to reach around US$1.5 billion by 2030.
The projects are linked to the ADB’s Pan-Asia Power Grid initiative.
The bank is also studying the possibility of establishing an energy interconnection across the Caspian Sea involving Azerbaijan, Kazakhstan and Uzbekistan. The proposed connection is expected to expand electricity trade from renewable energy sources.
CAREC was established to promote regional economic cooperation and develop transport, energy and trade links. The ADB is one of the key multilateral development banks involved in implementing CAREC projects.
