The report examines Central Asia's water and energy complex after 30 years of independence of the five Central Asian countries (Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan) and assesses their cooperation in the water and energy complex. It analyses the key challenges facing the Central Asian countries in addressing water and energy issues and conducts an in-depth study of the ongoing and prospective investment projects in Central Asia's water and energy complex. The report argues that the lack of cooperation among the Central Asian countries in the water and energy complex results in significant economic losses. According to the reported data, annual economic damage and unrealised economic benefits are estimated at as high as US $4.5 billion, which is 1.5% of the regional GDP. The EDB preliminarily estimates that remedying inefficiencies in the water and energy complex might add 7% (US $22 billion) to the region's GDP over a five-year horizon.