English | دری

Afghan Finance Minister attends inaugural ceremony for CAREC Institute

in Afghan Business

Afghan Finance Minister attends inaugural ceremony for CAREC Institute

Afghan Finance Minister Eklil Hakimi attended the inaugural cermeony of the Central Asia Regional Economic Cooperation (CAREC) Institute in China, together with more than 100 participants frmo CAREC member countries and deveopment parnter organizations.

The delegations will focus on extending economic, trade and transit relations in the region and the implementation of key economic projects in the region.

Ajmal Hamid Abdul Rahimzai, spokesperson of the Ministry of Finance, said the Asian Infrastructure Investment Bank (AIIB) was interested in working together with the Asian Development Bank (ADB) in Afghanistan.

The CAREC Institute was originally developed as a “virtual entity” in 2006 to support regional cooperation in infrastructure development, trade and economic corridors, and agricultural and natural resource management. Following the decision of the 13th CAREC Ministerial Conference in 2014, the Institute’s physical base was established in Urumqi in China’s Xinjiang province. Since, the CAREC member countries have been working on an agreement to give the Institute a legal framework. The September 7 ceremony marked the Institute’s official transition to an intergovernmental research organization following the signing and ratification of the agreement by more than three countries, including the host country. So far China, Mongolia, Pakistan, and Uzbekistan have completed the signing and ratification.

Initiated by a technical assistance project in 1996, CAREC today is a partnership of 11 countries and six multilateral development partners.

The 11 members of CAREC are Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. The six multilateral institutions are ADB, World Bank, European Bank for Reconstruction and Development, Islamic Development Bank, United Nations Development Programme, and International Monetary Fund.

As of the end of 2016, almost $30 billion in CAREC-related investments have been made in the four priority areas of transport, energy, trade facilitation, and trade policy. ADB has provided $10.4 billion, with the remaining coming from governments and development partners.


Related Articles

IMF sees 'optimism return' as faster growth predicted

The International Monetary Fund (IMF) has said that “some optimism has returned” to the global economy and has predicted slightly

Logar's industrial town to open soon

The foundation stone of an industrial town in Mohammad Agha district of Logar province was laid on Wednesday. Addressing the

Afghan students protest against Kankor exam results

Hundreds of students took to the streets of Kabul protesting against Kankor exam results that were recently released. Kankor exam

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.