• RUB 5.92
  • USD 377.33
  • EUR 424.68

28 January, 2019

ADB to finance development of Central Asian railways

298 timeviewed

The Asian Development Bank (ADB) has approved a grant of $2 million for the development of railways in the countries of Central Asian Regional Economic Cooperation (CAREC), reports Trend.

ADB Senior Transport Specialist Jurgen Sluijter noted that rail transport should be the preferred mode of trade in the region, but it is still difficult for railways to compete with road transport.

“This grant will support the research and development of a regional railway system that will be fast, efficient, accessible to users and easy to use throughout the region,” Jurgen Sluijter added.

The project will explore the railway market and develop a regional model of railway traffic.

Earlier, countries of the Central Asian Regional Economic Cooperation adopted a strategy on railways until 2030.

The CAREC program brings together Afghanistan, Azerbaijan, Kazakhstan, China, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan and Uzbekistan. Its work is supported by six large financial institutions, including the World Bank, the European Bank for Reconstruction and Development, the International Monetary Fund and the Asian Development Bank which serves as the CAREC secretariat.

Last news

Similar news