Eurasian Development Bank Set to Allocate $2B Annually for Projects in Central Asia

The bank also intends to reduce water losses, which account for up to 30 percent of regional volumes and about 50 percent of drinking water, and ensure access to drinking water for 10 million people.

Photo: Eurasian Development Bank

Nikolai Podguzov, Chairman of the Board of the Eurasian Development Bank (EDB), announced at a press conference in Almaty that the bank plans to allocate $2 billion annually for projects aimed at addressing critical challenges in Central Asia, in line with its strategy for 2022-2026.

Podguzov noted the need to eliminate the disproportion between the countries in the region and the rest of the world. "There are many challenges in Central Asia that are unique to the region. The main goal is to achieve sustainable and rapid economic growth," he emphasized, The Caspian Post reports, citing Kyrgyz media.

The lack of access to the sea creates additional barriers for the countries in the region. To address these issues, the EDB is developing a transport integration concept, including the creation of international transport corridors and new routes.

The bank also intends to reduce water losses, which account for up to 30 percent of regional volumes and about 50 percent of drinking water, and ensure access to drinking water for 10 million people.

According to the EDB’s strategy for 2022-2026, investments will be directed to the development of the Eurasian Transport Network, the Eurasian Water Project and the Food Security Initiative.

Nikolai Podguzov noted that these projects not only address regional challenges, but are also aligned with international standards of sustainable development. According to him, when addressing global challenges, it is important to take into account regional needs. Central Asia has great potential, which should be unlocked through capital investments.