Central and South Asian nations advance economic and infrastructure developments

Several Central and South Asian nations are undergoing significant economic and infrastructural shifts. Fitch Ratings has upgraded Sri Lanka’s Long-Term Issuer Default Rating to ‘B-’ with a stable outlook, citing successful macro-stabilization and structural reforms following its recent financial crisis.

In Central Asia, Kazakhstan is strengthening economic ties with the European Union to bolster the Middle Corridor transit route. Meanwhile, Kyrgyzstan is set to modernize its railway fleet by acquiring 10 Wabtec freight locomotives from the United States, a move intended to support the upcoming China-Kyrgyzstan-Uzbekistan railway. Kyrgyzstan has also pledged $10 million to an international fund for the preservation of Lake Issyk-Kul.

Energy and environmental cooperation is also expanding. Azerbaijan has signed a $58.6 million contract with YEO Technology for a battery energy storage system. Uzbekistan is diversifying its nuclear safety expertise by signing a memorandum of understanding with the United States, while also engaging in environmental cooperation with Germany and gender-responsive budgeting initiatives with the Asian Development Bank.