Baku: The Asian Development Bank (ADB) has announced plans to allocate $3.5 billion over the next seven years toward the development of water resources, agriculture, and food sectors in Central Asia. This announcement was made by ADB President Masatsugu Asakawa during the Central Asia Regional Economic Cooperation (CAREC) Climate, Innovation and Trade Partnership ministerial meeting, held within the framework of COP29.
According to Azeri-Press News Agency, the initiative is aimed at fostering resilience and adaptation strategies in Central Asia and neighboring western regions. Asakawa highlighted the critical role of glacier-fed rivers in the water economy of these areas. The proposed funding will not solely serve as an investment, but as a commitment to the farmers and the broader population residing in these regions. The financial resources are intended for the efficient utilization of water resources and shielding the region from the adverse effects of drought. Additionally, by 2030, ADB aims to allocate
an extra $100 million specifically for combating climate change through specialized programs.