On November 8, the Ministry of Economy and Finance (MOEF) participated in the Central Asia Regional Economic Cooperation (CAREC) Ministerial Meeting held in Astana, Kazakhstan. At the meeting, the ministry committed to actively supporting Central Asian countries in addressing climate change and achieving sustainable development. To this end, the government signed an agreement with the Asian Development Bank (ADB) to contribute $3 million to the Climate and Sustainability Project Preparatory Fund (CSPPF).

* CAREC: A regional economic cooperation initiative consisting of 11 Central Asian countries and development partners, with the Asian Development Bank serving as the Secretariat.

* CSPPF: A fund dedicated to supporting project preparation for climate change response and sustainable initiatives in the Central Asia region.

The CSPPF, newly established by the ADB, is a fund supporting project preparation in infrastructure, energy, water resources, and agriculture. Recently, the importance of cooperation in Central Asia has grown, especially as issues related to energy and mineral resource supply chain stability have come to the forefront. Through the CSPPF, the Korean government plans to support the development of infrastructure projects in Central Asia and to contribute to supply chain stabilization.

The signing ceremony took place on the occasion of the ADB CAREC Ministerial Meeting, with representatives from Kazakhstan, Uzbekistan, Kyrgyzstan, and other beneficiary countries of the CSPPE in attendance. As a founding member, Korea participated in the official launch of the fund and is set to contribute a total of $3 million over three years from 2024 to 2026, marking the largest contribution among the fund’s founding members.

Director General for Development Finance Moon Ji-sung expressed hopes that the CSPPF will serve as a new avenue for cooperation between Korea and Central Asia and Korea’s contributions will lead to the development of various climate response infrastructure projects, particularly in energy and supply chain sectors.

In addition, Director General Moon met with Deputy Minister of Economy and Commerce of Kyrgyzstan Sanzhar Bolotov, and Deputy Minister of Transport and Communications Rysmendeev Bekzhan, to discuss expanding development partnership through the Economic Development Cooperation Fund (EDCF)[1] in critical mineral supply chains, renewable energy, and transportation.

Since 2006, Korea has used the Korea-ADB Trust Fund to support project preparation for capacity building and technical assistance in developing countries across the region. Through this latest contribution, the government aims to broaden cooperation in Central Asia, particularly in climate-related energy and infrastructure projects, thereby fostering active participation of Korean institutions and companies in trust fund projects as well as further supporting Korea’s economic diplomacy in the region.