Helsinki Commission holds briefing on CAREC progress in Afghanistan
Asian Development Bank’s (ADB) North American Regional Office (NARO) Representative Craig Steffensen told a US congressional commission that ADB is working closely with CAREC participating countries and multilateral institutions on rehabilitating the Silk Road in Central Asia and Afghanistan, through projects valued at $21 billion.
The 31 July briefing, “The New Silk Road Strategy: Implications for Economic Development in Central Asia,” was held by the Commission on Security and Cooperation in Europe, also known as the US Helsinki Commission.
Mr. Steffensen described ADB and CAREC’s major accomplishments in Afghanistan, including the rehabilitation of the ring road and construction of thousands of miles of roads, railways, transmission lines, and irrigation systems.
“Rehabilitation of the Silk Road is well under way and while considerable success has been achieved since 2002, ADB estimates $50 billion is needed to address the subregion’s infrastructure requirements through 2020,” Mr. Steffensen said.
Asked to comment on the country’s economic prospects, Mr. Steffensen responded, “Afghanistan’s economic growth and development over the past decade are impressive. There will of course be disruptions as coalition forces withdraw.
“At the same time, Afghanistan has huge deposits of untapped mineral resources. The country’s nascent mining industry could become an important driver of economic growth and stability for centuries,” he added.
The congressional briefing, held in a House of Representatives hearing room, was attended by congressional staff, members of the diplomatic corps, US government officials, and the media.
(Photo credit: ADB NARO)