News

Hit hard by COVID-19, Afghanistan needs continued international support

Afghanistan’s economy is set to contract by between 5.5% and 7.4% in 2020 because of COVID-19, exacerbating poverty, and leading to a sharp decline in government revenues, according to World Bank in its latest biannual Afghanistan Development Update.

EBRD welcomes adoption of key energy efficiency laws in Georgia

The Law on Energy Efficiency and the Law on Energy Performance of Buildings will enable Georgia to realize energy savings of 14% 2025, thereby helping the country to meet its international obligations in combating climate change, increase its energy security and strengthen its energy links with the EU.

Five Charts That Illustrate COVID-19’s Impact on the Middle East and Central Asia

The Middle East and Central Asia countries acted quickly and decisively in response to COVID-19. Despite their efforts, the pandemic has inflicted heavy economic damage on the region. Growth projections have been revised down since the April 2020 Regional Economic Outlook, the IMF says in its latest update to the report.

ADB President, Deputy Prime Minister of Uzbekistan discuss partnership and ongoing COVID-19 support

Asian Development Bank (ADB) President Masatsugu Asakawa and Uzbekistan’s Deputy Prime Minister, Minister of Investments and Foreign Trade, and ADB Governor Sardor Umurzakov discussed ADB’s ongoing support for Uzbekistan’s fight against the coronavirus disease (COVID-19) pandemic and the bank’s portfolio of projects in the country.

World Bank appoints new country manager for Uzbekistan

Marco Mantovanelli started his assignment as World Bank Country Manager for Uzbekistan on July 1, 2020, replacing Hideki Mori who was in this position since March 2017.

Uzbekistan resumes WTO membership negotiations

WTO members welcomed the resumption of WTO membership negotiations for Uzbekistan when the working party on the country’s accession to the WTO met on 7 July 2020—almost 15 years after its last formal meeting.

Members discuss reflecting impact of COVID-19 in WTO-led Aid for Trade initiative

World Trade Organization (WTO) members agreed to discuss how to reflect the impact of the COVID-19 pandemic in their future work and agreed to extend the current biennial Aid for Trade work program into 2022 when the next Global Review will also be held.

ADB, Mongolia sign projects for COVID-19 shock response, economic cooperation zone, solid waste management

The Asian Development Bank (ADB) and the Government of Mongolia signed three projects to lessen the socioeconomic impacts of the coronavirus disease (COVID-19) pandemic on poor and vulnerable groups in Mongolia, to help support Mongolia’s post-pandemic recovery by developing an economic cooperation zone, and improve solid waste management.

Joint statement by heads of multilateral development banks and the WTO on supporting trade finance during the COVID-19 crisis.

This statement was issued by the World Trade Organization and heads of multilateral development banks, including the President of the Asian Development Bank.

EBRD ensures sustainable operations of KazTransGaz

The facility of up to €243.5 million will help KazTransGas address the company’s liquidity and working-capital needs caused by the economic impact of the coronavirus crisis, and will also secure the uninterrupted supply of natural gas to households across Kazakhstan.