Central Asian Regional Economic Cooperation (CAREC) Program
Central Asian Regional Economic Cooperation (CAREC) Program
The Central Asian Regional Economic Cooperation (CAREC) Program is an Asian Development Bank (ADB) supported initiative which was created in 1997 to encourage economic cooperation among countries in the Central Asian region. Participating countries are Afghanistan, Azerbaijan, People's Republic of China (Xinjiang Uygur Autonomous Region), Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan, and Uzbekistan. In September 2005, the Russian Federation was invited to join CAREC as a full participant. CAREC has focused on financing infrastructure projects and improving the region's policy environment in the priority areas of transport (especially road transport), energy (including the water-energy nexus), trade policy, and trade facilitation (especially customs cooperation).
CAREC is also an alliance of multilateral institutions comprising ADB, European Bank for Reconstruction and Development (EBRD), International Monetary Fund (IMF), Islamic Development Bank (IsDB), United Nations Development Programme (UNDP), and World Bank.
CAREC Program operates in partnership with other key regional cooperation programs and institutions, particularly the Shanghai Cooperation Organization, Eurasian Economic Community (EEC), and the Economic Cooperation Organization.