China, S. Korea allocate $5mln to promote green projects in CAREC countries
China and South Korea provided 5 million US dollars to set up a trust fund to promote climate projects in the countries of the Central Asia Regional Economic Cooperation (CAREC) Program, Lyaziza Sabyrova, ADB Regional Head for Regional Cooperation and Integration in the Central and West Asia Department, said, Kazinform News Agency correspondent reports.
The agreement was signed to establish a new trust fund to finance economic feasibility studies on regional projects with a focus on climate. Our donors – China and Korea, made initial investment to create this fund, said Lyaziza Sabyrova on the sidelines of the 23rd CAREC Ministerial Conference.
Sabyrova went on to add that the investment stood at 5 million US dollars, with Kazakhstan, as a CAREC member, having access to these funds to promote regional projects.
Such projects need to be regional in scope and have a strong focus on climate, decarbonization and green corridor. Further funding will be provided by the ADB or other development partners, she said.
According to Sabyrova, the projects selected will receive funding starting from next year.
