MANILA, April 5 (Xinhua) -- 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 feasibility study for the Caspian Green Energy Corridor project on Saturday.

The initiative is part of the ADB's regional technical assistance for the project.

The MoU establishes a high-level framework for cooperation, focusing on developing a robust institutional and legal framework to facilitate cross-border electricity trade among Azerbaijan, Kazakhstan, and Uzbekistan.

The Caspian Green Energy Corridor project aims to bolster regional energy cooperation and promote green energy trade among most Central Asia Regional Economic Cooperation Program (CAREC) member countries.

The project will involve the interconnection of energy systems and the establishment of a green corridor for renewable energy transmission and trade. It envisions the comprehensive transmission of green energy from the Caspian region to Europe via the Black Sea Cable.

The initiative aligns with ADB's mission to support sustainable development and regional cooperation, promoting energy security, sustainability, and economic development in the region.

CAREC is a partnership of Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, Uzbekistan, and development partners working together to promote development through cooperation, leading to accelerated economic growth and poverty reduction. Enditem

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