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Central Asia Business & Economy

EBRD to Allocate €200 Million for Development of Youth Businesses in Central Asia

EBRD to Allocate €200 Million for Development of Youth Businesses in Central Asia The European Bank for Reconstruction and Development (EBRD) has launched a program aimed at developing youth businesses in Central Asia and Mongolia, and will allocate $218 million over seven years to ensure access to financing and training for young entrepreneurs. The program is aimed at the development of micro, small and medium-sized businesses under the guidance of young people aged 18 to 35 years. Companies will receive financing through 20 partner financial institutions, whilst participants will also be able to receive trainings, access various events, and use consulting services. The investments is set to be complemented by a package of up to €30 million in grants and concessional co-financing. The EBRD notes that many young people in Central Asia have entrepreneurial skills, but do not have economic opportunities. According to the bank's estimates, only 10% of young people have the necessary education and work skills. "Solving this problem is important for Central Asia, where small and medium—sized enterprises account for almost half of total employment and almost 40% of regional GDP," the EBRD emphasized. The program is funded by the Government of Kazakhstan, the Small Business Foundation, and the European Union.

Central Asia’s Growing Economic and Strategic Importance Comes to Fore

The Central Asian region has experienced a tremendous economic transformation since the beginning of the century. Its aggregate gross domestic product (GDP) now totals $397 billion, growing 8.6-fold since the year 2000. Its share in global GDP in purchasing power parity (PPP) has also increased 1.8 times. The GDP per capita has tripled as the labor pool has grown to almost 80 million, representing a 1.4-fold increase since 2000. The region’s strategic importance, particularly thanks to its geographic position bridging major economies of Europe and Asia, makes it a key player in geopolitical dynamics. Central Asia’s dependence on commodity exports and remittances has so far limited its integration into global value-chains. The Central Asia Regional Economic Co-operation (CAREC) Program, established by the Asian Development Bank (ADB), plays an important role in fostering regional development and co-operation. CAREC includes the five Central Asia countries (namely Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan and Turkmenistan) plus Afghanistan, Azerbaijan, China, Georgia, Mongolia and Pakistan. CAREC also partners with five multilateral international institutions in addition to the ADB (which serves as its Secretariat). These are the European Bank for Reconstruction and Development (EBRD), International Monetary Fund (IMF), Islamic Development Bank (IsDB), United Nations Development Program (UNDP) and the World Bank (a.k.a. International Bank for Reconstruction and Development or IBRD). The Program has constructively helped the countries of Central Asia to address challenges in trade governance. Nevertheless, inefficiencies in cross-border transport and customs procedures continue to hinder their commercial exchanges with one another as well as with external partners. CAREC’s current policy-implementation priorities are integration of regional trade, digitization, climate change, regional co-operation, development of financial technologies and financing in the water sector. There is still significant potential for further development given that the region’s trade within itself has been growing faster than its foreign trade. Enhancing Central Asia’s role in the global economy will require the implementation of co-operative initiatives already identified, especially in infrastructure. Such construction of new physical plants, as well as the renovation and building-out of those that already exist, is crucial for enhancing economic growth and sustainability. This strategy will leverage the region’s strengths such as its strategic location and resource endowments. In 2023, Central Asia’s economic growth is projected to remain relatively steady at 3.9 percent, but this may still be affected by the global challenges of weak external demand, rising inflation and supply-chain disruptions. These global economic conditions, along with the uncertainties that they engender, reflect continuing burdens of the ongoing post-COVID recovery as well as the effects of the war in Ukraine, which significantly impacts the region. In addition to the ADB, the IBRD also focuses on various development initiatives in Central Asia that aim to support regional infrastructure development and the strengthening of cross-border co-operation. These are implemented through relatively low-profile initiatives such as the Central Asia Water and Energy Program (CAWEP) to enhance energy and water security and the Central Asia Hydrometeorology Modernization Project (CAHMP) to improve weather, climate and hydrological services. The IBRD thus aims to increase...

Central Asia Tajikistan Life & Culture Uzbekistan Kyrgyzstan Life & Culture Tajikistan Kyrgyzstan Kazakhstan Life & Culture Kazakhstan Uzbekistan Life & Culture

U.S. and Central Asian Countries Focus on Protecting Rights of People with Disabilities

On December 11th, the U.S. Department of State hosted a meeting of representatives of C5+1 countries dedicated to protecting the rights of people with disabilities and finding practical solutions to their problems. The C5+1 diplomatic platform represents the U.S. Government’s holisitc approach to Central Asia, jointly engaging all five Central Asian nations. The meeting was attended by Sara Minkara, Special Adviser to the President of the United States on the International Rights of Persons with Disabilities, Donald Lu, Assistant Secretary of State, Deputy Assistant Secretary John Mark Pommersheim, and representatives of government agencies of the USA. The Ambassadors of Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan to the United States also spoke during the meeting, which was moderated by Minkara, who shared her experience and recommendations on ensuring protection of the rights of persons with disabilities. U.S. Assistant Secretary of State, Donald Lu stressed the importance of increasing cooperation within the C5+1 format on the rights of persons with disabilities in a multilateral format. Following the meeting, the participants agreed on joint actions in this direction.

Central Asia Business & Economy

EBRD Launches Youth in Business Program in Central Asia

EBRD Launches Youth in Business Program in Central Asia The European Bank for Reconstruction and Development (EBRD) on December 12th said it is addressing the issue of youth entrepreneurship and employment in Central Asia by launching a seven-year €200 million (U$ 218 million) Youth in Business program designed to provide better access to finance and relevant training to young entrepreneurs in the region, where up to one third of the population is aged between 18 and 34 years. The Youth in Business program in Central Asia (YiB CA) will target micro, small and medium-sized enterprises (MSMEs) led or owned by individuals under the age of 35. It will consist of up to €200 million for on-lending to up to 20 partner financial institutions in Central Asia and Mongolia; targeted non-financial services for eligible small businesses will be provided by the Bank’s Advice for Small Businesses program to help develop their entrepreneurial skills through training, advisory services, and networking opportunities. The EBRD’s investment will be complemented by a package of up to €30 million in grants and concessional co-financing to stimulate inclusive lending and youth entrepreneurship. It is expected that the first agreements under the YiB CA will include: a loan of up to U$ 10 million to Uzbekistan’s largest private bank, Hamkorbank, a loan of up to U$ 8 million to Shinhan Bank Kazakhstan, a loan of up to U$ 4 million to Mongolia’s leading micro-lender, Transcapital, and a loan of up to U$ 2 million to Kazakhstan-based micro-financial organization, Arnur Credit. A market assessment conducted by the EBRD in the region revealed that while many young people across Central Asia have a strong entrepreneurial mindset, very few have access to equal economic opportunities. Only around 10% have access to the necessary training and professional expertise. In Central Asia, MSMEs account for almost half of total employment, and contribute almost 40% of regional GDP. Grant support and concessional finance to the program is provided by the Government of Kazakhstan, the Small Business Impact Fund, and the European Union.

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Green Pitching Event at COP28 Focuses on Central Asia’s Sustainable Future

As reported on the United Nations Development Programme (UNDP) website, the UNDP in Kazakhstan organized a Green Projects Pitching Event for the countries of Central Asia, which aimed to spotlight innovative and sustainable initiatives across the region, showcasing a collaborative commitment to green growth and climate resilience. The 28th United Nations Climate Change Conference, or COP28, kicked off on November 30th and continues through to December 12th in Dubai, United Arab Emirates, with a growing urgency to increase action for meaningful change. The countries of Central Asia are presenting a common regional position on the most pressing climate issues at global scale, adopting the cooperative approach: Five countries – one region – one vote. As part of a region particularly vulnerable to the effects of climate change, the Central Asian nations are actively participating in the COP28 climate policy negotiations, advocating for commitments to reduce emissions, achieve carbon neutrality, and secure access to climate finance for the region. “The climate crisis knows no borders; it is a challenge that transcends individual nations,” said Nuri Ozbagdatli, UNDP Climate Change Specialist for Europe and Central Asia. “Success in addressing this global issue requires collective action. Together, the global community must pool our expertise, resources, and innovation to tackle climate change comprehensively, ensuring a sustainable future for all. In the countries of Central Asia, we strongly believe in the vast potential offered by the region's nature, population, and especially its youth. These factors form crucial elements in our joint endeavors to confront and overcome the challenges posed by climate change." The event was opened by the Ministers of Ecology from three Central Asian countries: Kazakhstan, Kyrgyzstan, and Uzbekistan. "Achieving a substantial reduction in greenhouse gases requires significant financial investment,” said Yerlan Nyssanbayev, Minister of Ecology and Natural Resources of Kazakhstan, in his welcoming speech. “The strategy of low-carbon development adopted by Kazakhstan this year estimates a net investment of US$610 billion in low-carbon technologies. At the same time, the importance of climate financing, which helps societies and economies build resilience and adapt to the impacts of climate change, cannot be overstated."

Environment Central Asia Uzbekistan Turkmenistan Tajikistan International Affairs Kyrgyzstan Kazakhstan Business & Economy Turkmenistan Environment Tajikistan Environment Features

CAREC Countries Endorse New Vision to Fight Climate Change Together

Member countries of the Central Asia Regional Economic Cooperation (CAREC) program committed to working together to cut greenhouse gas emissions and build resilience to climate change. “We endorse the Regional Action on Climate Change: A Vision for CAREC to help countries implement their commitments under the Paris Agreement”, said a joint ministerial statement issued at the 22nd CAREC Ministerial Conference held on November 30th in Tbilisi. The statement was endorsed by ministers and high-level officials from Azerbaijan, the People’s Republic of China, Georgia, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. “I am confident this shared Vision will enhance the CAREC program’s impact on this most critical climate challenge facing the subregion”, said Asian Development Bank (ADB) President, Masatsugu Asakawa. “I look forward to concrete progress on bringing forward more climate projects - including in renewable energy, sustainable agriculture, efficient water use, economic diversification, and strengthening supply chains - to improve the region’s climate resilience and adaptation”. The Vision emphasizes the importance of energy transition and the improved use of renewable energy sources, strengthening the regional electricity trade, deploying innovative financing solutions, and investing in climate-resilient infrastructure and policies. It calls for strengthened collaboration and coordination with the program’s development partners in supporting the region’s climate agenda. A scoping study published earlier this year showed climate change is expected to have severe impacts in the CAREC region, including higher-than-average temperature rises, water scarcity, expanded desertification, and glacial melting. To address water issues in the region, CAREC will support countries to improve their expertise and capacities in transboundary water management, water productivity, and to invest in more efficient irrigation systems to boost agricultural productivity. CAREC will also support efforts to decarbonize transport and continue deepening regional connectivity with efficient transport technologies and infrastructure. Other priority areas include developing climate-smart cities with electrified mass transit systems and promoting climate and disaster resilience through regional risk management and financing initiatives. The CAREC program is a partnership of countries and development partners working together to promote sustainable development, accelerate economic growth, and reduce poverty. The ADB hosts the CAREC secretariat.