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.
The U.S. and Israeli militaries have developed plans for renewed strikes against Iran after the U.S. midterm elections, with preparations advancing...
Missiles struck Kyiv early on Thursday as Russia said it had intercepted most of the 630 Ukrainian drones launched towards Moscow overnight....
Russia is willing in principle to resume peace talks with Ukraine and the United States in November, Kremlin ai...
Ukrainian President Volodymyr Zelenskyy has arrived in Norway for talks about the Russia-Ukraine war. He is expected to meet with U.S. President Donald Trump's Special Envoy Steve Witkoff, who arrived in Oslo earlier. Witkoff will also meet European officials.
Russia is willing in principle to resume peace talks with Ukraine and the United States in November, Kremlin aide Yuri Ushakov said after President Vladimir Putin met U.S. special envoy Steve Witkoff in St Petersburg.
Iranian Foreign Minister Abbas Araghchi said regional issues should be resolved through diplomacy and blamed the United States for insecurity and tensions in the Strait of Hormuz, speaking at a joint news conference with Russian Foreign Minister Sergey Lavrov on Monday.
Yemen's Houthis have denied targeting the holy city of Medina on Wednesday adding that they have not conducted any military operations towards Saudi Arabia either, denying earlier comments from the Saudi-led coalition in Yemen.
Israel's 27 October parliamentary election could reshape the country's political future, with Prime Minister Benjamin Netanyahu facing a serious challenge from former military chief Gadi Eisenkot and a potentially decisive battle over coalition-building.
The U.S. and Israeli militaries have developed plans for renewed strikes against Iran after the U.S. midterm elections, with preparations advancing for a potential short but intensive campaign, The New York Times reported Wednesday.
Iran has reiterated its position this week on a de-escalation with the United States during recent high-level visits to Tehran by Pakistani Army Chief Field Marshal Asim Munir and Russian Foreign Minister Sergei Lavrov.
Georgia's Constitutional Court has begun hearing a landmark case that could see five opposition parties banned following a legal challenge by the ruling Georgian Dream party. Hearings are ongoing and expected to continue until at least Friday.
Türkiye has welcomed Libya's parliamentary approval of a disputed maritime agreement, despite strong opposition from the European Union, which says the deal violates international maritime law.
Yemen's Houthis have denied targeting the holy city of Medina on Wednesday adding that they have not conducted any military operations towards Saudi Arabia either, denying earlier comments from the Saudi-led coalition in Yemen.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment