The 59th Annual Meeting of the Asian Development Bank concluded in Samarkand with new renewable energy agreements, discussions on economic resilience and the release of a major policy report on global value chains.
One of the key developments on the final day was the signing of a $116 million financing agreement between the Asian Development Bank (ADB) and ACWA Power for the construction of the 300-megawatt Bash-2 wind power project in Uzbekistan’s Bukhara region.
The financing package includes support from the ADB, commercial lenders and the Leading Asia’s Private Infrastructure Fund 2 (LEAP 2).
The project will comprise 39 wind turbines, transmission infrastructure and a new substation connected to Uzbekistan’s national power grid. According to the ADB, the initiative is expected to strengthen the country’s renewable energy capacity, improve energy security and support its transition towards low-carbon energy generation.
ADB representatives also noted that the Bank’s renewable energy portfolio in Uzbekistan now exceeds 2 gigawatts of supported capacity, including wind, solar and battery energy storage projects.
The project is expected to create at least 800 jobs during construction, alongside additional permanent roles during operation.
The Asian Development Bank also presented its Asian Development Policy Report 2026, titled “Global Value Chains and Inclusive Development.”
The report highlighted that deeper regional integration has helped economies across Asia and the Pacific generate growth, create jobs and reduce poverty over recent decades.
At the same time, the ADB warned that geopolitical tensions, supply chain disruptions and rapid technological shifts continue to pose risks for developing economies, particularly those less integrated into global production networks.
ADB Chief Economist Albert Park noted that improving infrastructure, logistics and the business environment would be essential to increase competitiveness and help developing economies benefit from global trade and emerging technologies.
The report also stressed the importance of resilient supply chains, environmental sustainability and greater inclusion for small and medium-sized enterprises.
The annual meeting concluded with an official handover ceremony announcing that the 60th Annual Meeting of the Asian Development Bank will be hosted in Aichi-Nagoya, Japan, from 2 to 5 March 2027.
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World Cup action delivered impressive wins and late drama on 18-19 June. Mexico booked their place in the knockout stage as Group A winners, while Jonathan David's hat-trick inspired Canada to a 6-0 thrashing of Qatar.
Israeli Foreign Minister Gideon Saar has said he is severing “all contact” with European Union foreign policy chief Kaja Kallas, following remarks attributed to her that reportedly compared Israel’s policies toward Palestinians to apartheid-era South Africa.
Ukraine and Germany have signed an agreement to strengthen anti-ballistic capabilities, Ukrainian President Volodymyr Zelenskyy announced on Thursday, as Kyiv continues to push for deeper Western support in countering Russian missile attacks.
Donald Trump has said the U.S. will resume bombing Iran if Tehran doesn't "behave," at the sidelines of the G7 summit in France. Earlier, the U.S. President criticised Israel for its tactics against Hezbollah, saying it was unnecessary to bomb entire apartment buildings to tackle militants.
U.S. President Donald Trump sought a deal with Iran "out of deperation," Iranian Supreme Leader Mojtaba Khamenei has said, in a statment on social media. Khamenei added that he himself "held a different view," to Trump, but allowed the agreement after receiving assurances from Iran's President.
Britain has announced an additional £8 million ($11 million) to help Pakistan combat illegal migration, human trafficking and organised crime, while praising Islamabad's role in diplomacy that helped secure the recent U.S.-Iran agreement.
Lionel Messi matched the all-time World Cup scoring record as Argentina began their title defence with a 3-0 win over Algeria. Austria, France and Norway also secured opening victories in Group J and Group I matches on Tuesday.
Caleb Yirenkyi’s stoppage-time goal secured a 1-0 win for Ghana over Panama as World Cup action delivered a mix of late drama and key results. Colombia and England also began their campaigns with victories, while DR Congo held Portugal in a historic 1-1 draw and Austria beat Jordan 3-1.
U.S. Vice President JD Vance has postponed a planned trip to Switzerland for Iran talks, as the White House said negotiations remain unpredictable. Meanwhile, President Donald Trump faces rare Republican criticism over the interim Iran deal, calling it “the worst foreign policy blunder in decades”.
The European Parliament has adopted one of its strongest resolutions on Georgia to date, calling for the release of political prisoners, backing sanctions against senior officials and warning that continued democratic decline could jeopardise the country's EU ambitions and visa-free travel regime.
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Iranian President Masoud Pezeshkian has remotely signed a memorandum of understanding (MoU) with the U.S., brokered by Pakistan, under which Tehran and Washington agreed to extend their ceasefire and begin negotiations towards a peace agreement.
Kazakhstan and Iran have agreed to accelerate cooperation on transport corridors, giving Kazakhstan access to key Iranian ports in a move aimed at strengthening trade routes and reducing reliance on transit routes through neighbouring countries.
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