Second Meeting of the CAREC Institute’s Financial Sustainability Working Group

The second meeting of the CAREC Institute’s Financial Sustainability Working Group was held on April 25, 2022. The Working Group was established by decision of the Governing Council of the CAREC Institute to examine and propose alternative funding options in addition to the current financial arrangement defined in its Inter-Governmental Agreement.
As a follow-up of the first Working Group meeting, held in September 2020, the CAREC Institute, with technical assistance from the Asian Development Bank (ADB), formulated the Resource Mobilization Strategy for diversifying its resource base to achieve long-term institutional financial sustainability. The Strategy, presented by ADB Consultant Mr. Erik Detiger, examines the external financing environment and internal capacity, and provides strategic considerations and key steps necessary to institutionalize the process. Working Group members from all CAREC member countries elaborated on the directions and key actions proposed in the Resource Mobilization Strategy.
The meeting was opened by Ms. Lyaziza Sabyrova, Director of Regional Cooperation and Operations Coordination Division, ADB, and moderated by Mr. Syed Shakeel Shah, Director of the CAREC Institute. Working Group members provided inputs on possible financial and in-kind contributions, alternative financing options and potential funding partners in their countries.
During the meeting, the Government of Pakistan announced the continuation of its voluntary donation. The governments of the People’s Republic of China and Pakistan, and ADB remain the major contributors to the CAREC Institute. The CAREC Institute has also expanded its research portfolio, adding new projects funded by international development partners, such as the Islamic Development Bank, UNICEF and others.