The Multilateral Cooperation Center for Development Finance (MCDF) Secretariat participated in the 25th CAREC Ministerial Conference and key related events held in Ulaanbaatar, Mongolia, on 28-30 September. The MCDF delegation highlighted opportunities to deepen collaboration between MCDF and Central Asia Regional Economic Cooperation (CAREC) member countries and partners to strengthen regional connectivity infrastructure investment.
As part of the CAREC Ministerial Conference week, held under the theme “25 Years of Partnership – Shaping the Future Together” to celebrate the CAREC Program’s progress since the first Ministerial Conference held in 2002 to support regional development, MCDF’s Mr. Philip Vernon presented at the CAREC Development Partners Dialogue on Advancing Trade, Tourism, and Regional Competitiveness on 28 September. He updated CAREC country officials and partners on MCDF’s work to promote high-quality connectivity infrastructure investment over the past year as well as the third and final meeting of the First Replenishment of the MCDF Finance Facility held on the eve of the Asian Infrastructure Investment Bank Annual Meeting in Doha, Qatar on 27 September and the official launch of the Central Asia Fund under the umbrella of the MCDF Finance Facility in Doha on 29 September. Possible areas of future cooperation were further discussed.
At the CAREC Ministerial Conference on 29 September, MCDF was among the four development partners invited to speak at the proceedings, alongside the European Bank for Rehabilitation and Development, Eurasian Fund for Stabilization and Development, and World Bank Group.
A statement congratulating CAREC’s progress over the past 25 years and mobilization of USD60.2 billion in transport and energy infrastructure and other investment to date was delivered by Mr. Ayumi Konishi, Senior Advisor to the MCDF CEO. He noted the growing need to further accelerate regional connectivity investment in these sectors as well as digital connectivity, with strong private sector involvement. CAREC countries were urged to develop more well-prepared, bankable project proposals, harmonize regulatory frameworks, and build institutional capacity to ensure that transport, energy, and data corridors are transformed into economic corridors and help CAREC countries harness artificial intelligence-supported growth opportunities.
MCDF’s preparedness to support CAREC countries, both in preparing bankable projects through MCDF grants and institutional capacity building with 14 partner International Financial Institutions under the MCDF Collaboration Platform, was emphasized.
On 30 September, MCDF participated in the CAREC Business Forum which convened ministers and other senior officials from CAREC countries, business associations, investors, and development partners. Mr. Konishi served as a panel member in the strategic policy dialogue focused on identifying priority investment opportunities in the thematic sectors of energy, transport and logistics, and critical minerals.
Panel participants underscored the importance of prioritizing the benefits of collaboration and jointly innovating to overcome the challenges of investing in regional cooperation efforts. A predictable regulatory framework and access to high-quality feasibility studies were recognized as essential for building private sector confidence to actively consider investment in connectivity infrastructure.
Contact
David Hendrickson
Senior Communications Officer
Mobile: +86 185 0114 6758
david.hendrickson@themcdf.org
