ADB, AIIB and three Central Asian countries lay groundwork for Caspian green energy corridor
Last week, the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), and the energy ministries of Azerbaijan, Kazakhstan, and Uzbekistan signed a Memorandum of Understanding (MOU) to support the preparation of a feasibility study for the Caspian Green Energy Corridor project, Kazinform News Agency correspondent reports, citing ADB.
The document sets out a high-level framework for cooperation, aimed at developing an effective institutional and legal foundation to enable cross-border electricity trade between Azerbaijan, Kazakhstan, and Uzbekistan.
The Caspian Green Energy Corridor project seeks to strengthen regional energy cooperation and promote the trade of clean electricity among the majority of the member countries of the Central Asia Regional Economic Cooperation (CAREC) Program.
"The Caspian Green Energy Corridor initiative is a strategic priority for three countries, as well as ADB, as it directly advances our core mission of fostering cross-border cooperation on clean energy infrastructure while simultaneously addressing multiple regional challenges. The MOU signing is a defining moment in our collaboration and sets the foundation for deeper cooperation between Azerbaijan, Kazakhstan, and Uzbekistan, and the two multilateral partners—ADB and AIIB—ensuring a structured and coordinated approach as we move forward," says ADB Director General for Central and West Asia Yevgeniy Zhukov.
The project envisions the integration of energy systems and the creation of a green corridor for the transmission and trade of renewable energy. Under the plans, clean energy from the Caspian region will be delivered to Europe via a cable across the Black Sea.
Earlier, Kazinform News Agency reported that TB-Free Central Asia Initiative had been signed in Astana.