Carnelutti Russia

Newsletter Central Asia and the Caucasus November 2023

An International Monetary Fund (IMF) team visited Yerevan to hold discussions with the Armenian authorities for the 2023 Article IV consultation and the second review under the Stand-By Arrangement (SBA) with Armenia. This is the "end-of-mission" press release.

Armenia's Anti-Corruption Committee signs MoU on cooperation with Italy's Guardia di Finanza. The MoU was signed within the European Union's TAIEX program framework during the Anti-Corruption Committee.
Becoming a global economic partner, Azerbaijan is already recognized as a state with economic and political influence on the Eurasian continent. Azerbaijan also chairs the United Nations Special Program for the Economies of Central Asia (SPECA) that is going to play an essential role in developing bilateral relations between Azerbaijan and other Central Asian countries.

Italy's Ansaldo Energia and Politecnico di Torino, as well as Azerbaijan's Azenererji OJSC and the ADA University of Baku have signed a memorandum of understanding to develop an energy training centre in Baku. According to the International Energy Agency, Azerbaijan's energy mix is fossil fuel-heavy, with oil and gas accounting for more than 98% of total supply.
Georgian PM and Asian Development Bank President discussed economic parameters in a Tbilisi meeting. ADB's current portfolio in the country that included 18 investment projects worth 1.9 Bln, with the total investments of the Bank implemented in the country reaching 4.5 Bln.
Kazakhstan has achieved a significant milestone in digital competitiveness, securing the 36th position among 63 countries globally, per the International Institute for Management Development (IMD) World Digital Competitiveness Ranking 2022, according to IMD's World Competitiveness Center (WCC). By clicking here, you can find the sixth edition of the IMD World Digital Competitiveness Ranking (WDCR)for 2022.

Asian Infrastructure Investment Bank (AIIB) Invests 36 Mln Usd to Power Kazakhstan's Green Economy. With a capitalization of 100 Bln USD and a Triple-A rating from major international credit agencies, AIIB collaborates with partners to meet clients' infrastructure needs, focusing on green, technology-enabled projects that promote regional connectivity.

Turkistan Region to build largest combined cycle power plant. The construction of a power plant based on the Turkistan combined cycle gas plant with a shunting generation mode attracted 700 BLn tenge (1.5 Bln Usd) of investment. This project is anticipated to contribute significantly to Kazakhstan's renewable energy sector, aligning with the national goal of achieving 15% renewable energy by 2030.
UAE's Masdar and France's EDF to explore hydropower projects in Kyrgyzstan that is aiming to reduce its greenhouse gas emissions by as much as 44% by 2030 and achieve carbon neutrality by 2050.
The Eurasian Development Bank (EDB) would like to be able to allocate resources to Tajikistan's multi-billion-dollar Rogun hydropower mega project but whether it will do so is not yet decided, according to comments from Nikolai Podguzov, chairman of the multilateral lender's board. After full completion and commissioning, the annual volume of electricity generation from Rogun — which is to have six 600 MW turbines will be from 13 Bln to 17 Bln kWh. This would be equivalent to approximately 65%-85% of the current annual electricity generation achieved by all operating facilities in the country.
Daewoo E&C opens new branch in Turkmenistan. Moreover, Daewoo E&C is contemplating involvement in the second phase of the ambitious Arkadag Smart City scheme, aimed at creating a high-tech urban centre for 64,000 people located 30 kilometres southwest of Ashgabat.

Uzbekistan and Italy to hold a first roundtable discussion on strategic dialogue in 2024. In economic cooperation, mutual trade turnover has increased by 30% since the beginning of this year. The portfolio of joint projects amounted to 9 billion euros. To develop trade relations, a comprehensive trade facilitation program was proposed for development.

Foreigners can apply for an invitation to visit the country online. In case of positive response; the applicant will receive a document with a QR code valid for three months.

Navoiyuran and Chinese CNNC will jointly mine uranium in Uzbekistan. The target in this sector is to double the production and processing of uranium raw materials: if in 2021 the production volume was 3,526 tons, then for 2030, the target is 7,100 tons.