Carnelutti Russia

Newsletter Central Asia and the Caucasus February 2024

The second meeting of the EU-Armenia Investment Coordination Platform discussed vital infrastructure projects and investments cooperation. The meeting discussed essential infrastructure investments that will improve Armenia's connectivity, energy diversification and housing schemes for refugees.

HSBC has agreed to sell its Armenian unit to Ardshinbank CJSC, subject to regulatory approvals. This transaction is part of HSBC's strategic review to reallocate capital to higher-growth markets. Ardshinbank, the most prominent Armenian bank by assets, offers retail and commercial banking, investment banking, and private wealth solutions. It has over 3700 existing customers and 65 branches, with a representative office in Paris.
Azerbaijan-Italy, Ambassador Taffuri and the CEO of Ansaldo Energia visit a power plant in Mingachevir. The meeting also revealed Azerenerji's interest in using Ansaldo's technology to construct five further new plants in the coming years.

Azerbaijan, a country rich in natural resources located in the South Caucasus region, continues to remain an attractive destination for investment due to its strategic location, favourable business climate, and rapidly developing non-oil and gas sector. Here you can find an exciting sector's list.
Georgia and Saudi Arabia are forging a more robust economic partnership, focusing on bilateral investment, free trade, and strategic investments in tourism, real estate, transportation, logistics, and energy. The potential for growth and mutual benefits is immense.

Kazakhstan-Italy: trade exceeds 16 Bln Usd for the first time. China strengthens its position as the leading destination market for Kazakh products. In second place is Russia, whose trade with Astana last year amounted to 26 Bln Usd.

Eurasian Development Bank (EDB) plans to invest 3.5 Bln Usd in Kazakhstan. Central Asia's largest country has been one of the top destinations for some of the most active multilateral development banks, including the European Bank for Reconstruction and Development (EBRD) and the Eurasian Development Bank, which topped the list of the financial institutions from which foreign investment flowed.
Kyrgyzstan seeks chinese investment in renewable energy, boosts economic ties.
EBRD helps increase reliability of electrical grid in Tajikistan. The European Bank for Reconstruction and Development (EBRD) is pledging more resources to increase the reliability and sustainability of electricity supply in Tajikistan by organising a financial facility of up to €31 million for national transmission network operator Shabaqahoi Intiqoli Barq (SIB).
Russia, Kazakhstan and Turkmenistan plan to create a joint venture for the development of the International North-South Transport Corridor (INSTC). The plan aims to improve the delivery of transportation services, shorten cargo delivery times and streamline customs services.
The functions of the state in managing free economic zones (FEZ) and improving territories are planned to be transferred to the private sector. Clear PPP rules will be developed for roads, water supply, education, and medicine.

Registration opens for Tashkent International Investment Forum 2024 (TIIF-2024). For the forthcoming TIIF-2024, organizers are gearing up for a truly global gathering, with participants expected from every corner of the planet. Online registration is now open on the official forum website,, and will remain accessible until April 25, 2024.