CAREC marks 25 years with over $60 billion in investment

The Central Asia Regional Economic Cooperation (CAREC) Program marked its 25th anniversary in Ulaanbaatar, Mongolia, on 29 September 2026, with $60.2 billion in cumulative investment, having grown from five founding countries into an 11-country partnership, according to a press release by the Asian Development Bank (ADB). Ministers meeting in Ulaanbaatar adopted a declaration setting priorities for further cooperation across the region. CAREC investments have improved transport and energy connections and expanded access to markets. The milestone was highlighted at the 25th CAREC Ministerial Conference. ADB President Masato Kanda joined senior representatives of CAREC countries at the event.

CAREC has evolved over 25 years into a wider platform for regional cooperation. Its cumulative investment reached $60.2 billion as of August 2026, of which $19.9 billion has come from ADB. ADB projects under CAREC have improved more than 20,000 kilometers of roads and railways, helping shorten travel times and lower trade costs. Trade among CAREC countries represented about 5% of their total trade last year. This figure leaves considerable room to expand business within the region.

The next phase will focus on making it easier for countries to trade with one another and attract investment, supported by better border crossings and stronger electricity and digital networks. ADB is advancing a new generation of economic corridors in the CAREC region, bringing together investments in transport, energy, digital connectivity, trade, human capital, and urban development. ADB plans to provide more than $7.5 billion in financing through 2030 and aims to catalyze around $3 billion in private sector financing. ADB has already committed approximately $3 billion since the beginning of 2025, about 30% of the indicative $10 billion financing envelope through 2030 announced at last year’s ministerial conference. That financing covers projects in Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan.

“Cooperation asks countries to place part of their future in one another’s hands,” said ADB President Masato Kanda. “For 25 years, CAREC countries have accepted that responsibility and done the patient work of earning mutual confidence. We owe respect to those who built this partnership, and determination to make it work better for those who will inherit it.”

The recently approved ADB Border Upgrades for Integration, Logistics and Development (BUILD) Facility will provide up to $400 million in financing to modernize border crossings. Proposed negotiations on the CAREC Trade and Investment Facilitation Partnership would complement these investments by establishing more predictable rules for trade and investment.

In the energy sector, CAREC has a pipeline of projects expected to reach about $1.5 billion by 2030, linked to ADB’s Pan-Asia Power Grid Initiative. ADB is exploring a proposed power link across the Caspian Sea involving Azerbaijan, Kazakhstan, and Uzbekistan to expand trade in clean electricity. ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Founded in 1966, ADB is owned by 69 members—50 from the region. The 25th anniversary underscores CAREC’s continued role in advancing regional connectivity and shared prosperity.