Nikolai Podguzov, Chairman of the Eurasian Development Bank (EDB) Management Board, says the EDB is ready to invest at least 400 million US dollars in Central Asia’s water and energy complex
The Eurasian Development Bank plans to invest not less than 400 million US dollars in Central Asia’s water and energy complex over the next three years, Nikolai Podguzov, Chairman of the EDB Management Board, noted in his statement delivered at the UN 2023 Water Conference in New York on March 23, according to the EDB press center.
According to him, Central Asia’s water and energy complex is one of the Bank’s top priorities per its medium-term strategy. The EDB reportedly estimates that solving the sector’s current challenges would help to boost regional GDP by an additional 1.5% a year.
According to him, advanced irrigation technology and the modernization of irrigation systems could improve the efficiency of water use by 40%. “This will also make agricultural production more secure, which is a crucial driver of the region’s food security,” Podguzov noted.
He also believes that the efficient use and allocation of water and energy resources in Central Asia require concerted effort.
“We should solve this problem in the context of the entire region. In our view, water and energy resources are the backbone of regional cooperation. Regional water and energy organizations as well as multilateral financial institutions could become a link in this process,” he added.
The EDB top manager emphasized the role of multilateral development banks and other international financial organizations, which should contribute to ensuring the adequacy and efficient use of water and energy resources in Central Asia.
Following the UN Water Conference, Kazakhstan, Tajikistan, Turkmenistan and Uzbekistan are reportedly expected to release a joint statement setting out the basic principles of cooperation in this area.
The Bank is reportedly implementing the Central Asian Water and Energy Complex mega-project based on research and projections of the most effective ways to comprehensively develop the sector. The Bank analysts have already conducted studies such as Investment in the Water and Energy Complex of Central Asia and Regulation of the Water and Energy Complex of Central Asia. The EDB has also formed a list of projects to provide the region with the electricity and water it needs.
The Eurasian Development Bank is an international financial institution investing in Eurasia. For more than fifteen years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The EDB's charter capital totals US$7 billion. Its portfolio mainly consists of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles. The Eurasian Development Bank has observer status in the UN General Assembly.
