Sustainable Development - The Times Of Central Asia

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Fueling Growth: IFC Strategic Initiatives for Sustainable Development in Central Asia – An Interview With Hela Cheikhrouhou

With its headquarters in Washington, D.C. the International Finance Corporation (IFC) was established in 1956 as the private-sector arm of the World Bank. The institution offers advisory, and asset-management services to promote investment in developing countries. Recent ventures in Central Asia include solar power projects in Uzbekistan and Kyrgyzstan, and an entrepreneurship scheme for women and young people in Tajikistan. TCA spoke with Hela Cheikhrouhou, IFC Vice President for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan about the IFC’s work in Central Asia. TCA: Can you please give us an overview of IFC's performance in Central Asia for fiscal year 2024 (July 1, 2023, to June 30, 2024)? IFC had a pivotal year in Central Asia, making strides in sustainable development and inclusive growth across the region. Our efforts concentrated on climate finance, infrastructure, agriculture, and supporting smaller businesses. By coupling investments with advisory support, we helped expand the role of the private sector, creating jobs, promoting financial inclusion, strengthening infrastructure, and supporting the region's green transition. In the fiscal year 2024, IFC committed over $1 billion to Central Asia. This includes about $400 million in long-term financing from our own account, $600 million in mobilization, and $35 million in short-term trade and supply-chain finance to facilitate trade flows. Alongside these financial commitments, we engaged in advisory projects focused on improving financial inclusion, developing innovative public-private partnerships (PPPs), and advancing climate initiatives and gender equality. Our results this year underscore our commitment to fostering sustainable, inclusive growth, and enhancing the resilience and sustainability of Central Asian economies. TCA: Can you highlight some of the IFC’s key achievements in Central Asia this year? In addition to the strong financial commitments mentioned earlier, IFC expanded its presence in various sectors, including finance, capital markets, renewable energy, agriculture, and infrastructure. Through our advisory services, we helped structure impactful PPPs at the sectoral level. A major focus this year has been strengthening local financial markets. IFC invested $228 million across ten financial institutions in Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan. Up to half this amount was dedicated to supporting women entrepreneurs and rural enterprises. We also helped these financial institutions expand portfolios related to their micro, small, and medium enterprise (MSME) businesses, advance climate finance, foster digital transformation, and issue the region’s first sustainability, social, and green bonds. Supporting MSMEs has enabled entrepreneurs to grow their businesses and generate employment. In the past fiscal year alone, IFC-supported projects created around 35,000 direct jobs, including opportunities for over 13,000 women across the region. These efforts have been further bolstered by targeted investments and projects in individual countries across the region. In Uzbekistan, IFC, together with the World Bank, financed a new solar plant equipped with the country’s first battery energy storage system. Once completed, the plant is expected to provide electricity access to around 75,000 households in the Bukhara region. As part of its broader support for the Uzbek government’s efforts to reform its chemical sector, IFC assisted the State Asset Management Agency in privatizing Ferganaazot,...

ADB Sustainable Development Economic Cooperation Climate Change Adaptation Strategy

CAREC Ministers Approve Climate Action Plan and Launch Regional Climate Fund

At the 23rd CAREC Ministerial Conference held in Astana on November 8, member countries of the Central Asia Regional Economic Cooperation (CAREC) Program—Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan—endorsed a new Climate Change Action Plan (CCAP) and launched the CAREC Climate and Sustainability Project Preparatory Fund (CSPPF). These initiatives aim to strengthen regional collaboration on climate resilience, low-carbon growth, and sustainable development. The CAREC Program is a partnership of 11 countries and development partners that promotes sustainable development through regional cooperation, with the Asian Development Bank (ADB) hosting the CAREC Secretariat. In his address at the conference, ADB President Masatsugu Asakawa stated, “The approval of the CAREC Climate Change Action Plan and the establishment of the Climate and Sustainability Project Preparatory Fund are significant milestones in our collective efforts to address climate change. By working together, we can build resilient infrastructure, develop early warning systems, and create a greener future powered by renewable energy.” The CCAP, covering the period from 2025 to 2027, prioritizes initiatives aligned with the CAREC Climate Change Vision and focuses on four main areas to address climate challenges in the region. It aims to enhance climate risk preparedness, strengthen the water-energy-food nexus, promote low-carbon growth by reducing emissions and expanding renewable energy, and create a CAREC climate platform. The CSPPF will support CAREC countries in developing viable regional climate projects that align with their commitments under the Paris Agreement. On November 8, ADB signed fund contribution agreements with China’s Ministry of Finance and South Korea’s Ministry of Economy and Finance, generating an initial $5 million in funding for the CSPPF. Speaking at the Ministerial Conference, Kazakhstan’s Prime Minister Olzhas Bektenov highlighted the CAREC Program’s significance for Central Asia, noting that over the past 20 years, it has mobilized about $51 billion for the region, with more than $9 billion invested in Kazakhstan. During his visit to Kazakhstan, ADB’s Asakawa met with President Kassym-Jomart Tokayev to discuss ongoing cooperation and future initiatives. From 1994 to 2024, ADB financed projects in Kazakhstan valued at approximately $7 billion. Notably, ADB participated in the construction of the Western Europe–Western China highway corridor and the reconstruction of the Aktobe–Kandyagash road.

Women Empowerment Economic Diversification International Relations British Embassy Sustainable Development UNDP

Project To Support Women and Youth Launched in Turkmenistan

A new project developed by the United Nations Development Program (UNDP) in cooperation with the British Embassy has been launched in Turkmenistan to support the country's economic diversification and empowerment of women and youth. The project aims to stimulate sustainable economic growth and increase Turkmenistan's global competitiveness by developing a creative and innovative economy. Narine Sahakyan, UNDP Resident Representative in Turkmenistan, emphasized the importance of unlocking the creative sector's potential to achieve economic prosperity. She said stimulating entrepreneurship and innovation will open new economic diversification and growth opportunities. British Ambassador to Turkmenistan, Stephen Conlon also spoke about the importance of the creative economy, noting the UK's experience in this area. Conlon stated that the creative sector contributes to economic growth, strengthens national identity, and supports local communities, especially in rural areas. Within the project framework, the UNDP plans to launch recommendations for the development of the creative economy and support for entrepreneurship and innovation. One of the key events will be a forum on the creative economy, which will bring together representatives of the government, international organizations, and businesses. The forum will be a platform within which to share experiences and discuss legislative measures to support the creative sector. The United Nations Development Program (UNDP) is actively cooperating with Turkmenistan on various projects aimed at sustainable development. One of the key projects deals with managing the consequences of the Aral Sea crisis. Together with the Government of Turkmenistan, the UNDP is implementing a project aimed at preserving ecosystems in the Aral Sea basin, improving the use of land and water resources, and increasing the sustainability of local communities. Another important project is Digital Transformation, which aims to help Turkmenistan implement advanced inter-agency data exchange systems to improve the efficiency of public services.

Sustainable Development UNDP Social Strategy Security Education

Over 200 UNDP Projects Implemented in Kazakhstan

During a meeting between Kazakhstan's Vice Prime Minister, Nurlan Baibazarov and Katarzhina Vaviernia, permanent representative of the United Nations Development Program (UNDP) in Kazakhstan, discussions focused on UNDP projects aimed to promote the economic development of UN member states. To date, over 200 projects worth over $200 million have been implemented in the country with support from the government of Kazakhstan, public organizations, the business sector, UN agencies, and other partners. Broad ranging, the initiatives include the development of small and medium businesses, green energy, agriculture, and ecotourism. Nurlan Baibazarov noted that Kazakhstan is ready to present the third Voluntary National Review on implementing the Sustainable Development Goals at the High-Level Political Forum in New York in 2025 and stated: "Achieving the Sustainable Development Goals is a national priority for Kazakhstan. We pay great attention to discussing the implementation of the goals at different platforms to find optimal solutions for our state's sustainable development. The voluntary review will objectively reflect the country's main achievements, challenges, and emerging problems." In addition, it was noted that Kazakhstan is interested in strengthening cooperation with UNDP, and in particular, the successful implementation of the UNDP Country Program for 2021-2025.

Sustainable Development Water Access

Dushanbe: Water for Sustainable Development

Tajikistan is collaborating with the United Nations to host an international meeting next month about water, an increasingly scarce resource in Central Asia. The June 10-13 conference will promote the role of water in sustainable development, building on two similar gatherings in Dushanbe in 2018 and 2022. It follows a climate change conference currently underway in Almaty, Kazakhstan. Delegates to the Tajikistan meeting will talk about safe drinking water and sanitation, cross-border cooperation on water resources and the impact of climate change. Academic researchers, government officials, representatives of financial institutions and civil society members are expected to attend.

Sustainable Development International Cooperation Regional Cooperation Security Eurasian Economic Union

Kazakhstan’s President Commends Growing Cooperation Between Central Asian States

On May 16, Kazakhstan's President Kassym-Jomart Tokayev hosted the first meeting in Astana of Security Council secretaries from Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, and the military attaché of the Embassy of Turkmenistan in Kazakhstan. In his opening address, Tokayev announced that the aim of the meeting was to provide an effective platform for the collaborative prevention of external and internal challenges and threats, and to develop necessary response measures. The Kazakh leader began by noting the steady growth of trade and economic cooperation between the Central Asian countries and stated that over the past five years, intraregional trade had risen by 80 percent to exceed $10 billion. He explained that large regional projects not only bring tangible mutual benefits, but also change the entire configuration of the Central Asian economy. The development of transport and logistics potential is becoming a new reference point for the rapid development of the region. Cultural and humanitarian ties have also intensified, contributing to the further rapprochement of the Central Asian states. Returning to the pressing issue of the need to join forces in countering transboundary challenges and threats, he announced: “First of all, we are talking about the fight against international extremism and terrorism, drug trafficking, and arms trafficking. In this regard, Afghanistan must be the focus of our common attention. Complex multidirectional processes are now evident in this country. Whilst signs point to a stabilization and revival of the economic situation, there remain high risks associated with the activity of international terrorist organizations, as evidenced by the bloody terrorist attack in the Moscow region [in March]. In our opinion, one of the strategic tasks at present is the active involvement of Afghanistan in regional ties. And for this, much depends on the coordinated position of our countries. We consider it urgent to create a UN Regional Center for Sustainable Development Goals for Central Asia and Afghanistan in our country.” Tokayev expressed his satisfaction with the growing regional cooperation and mutual trust and concluded: “Some 10 years ago, there was no such situation in the Central Asian region. Now heads of state, heads of government, secretaries of the Security Councils, heads of law enforcement agencies, not to mention heads of economic departments, closely interact with each other. And this is a very good sign that the situation in the Central Asian region is moving towards sustainable development.”