The escalating water crisis facing Central Asia, which has left some countries in the region on the brink of having "insufficient" supplies, was the subject of Eurasian Development Bank's winning entry for the ESG Research of the year, Asia category.

The research, which also showed how climate-change driven droughts and low water periods are becoming increasingly frequent, was described as "impressive" by the Sustainable Investment Awards judges.

The report, entitled "Efficient Irrigation and Water Conservation in Central Asia", found that with over 80% of the region's water used in agriculture, further water efficiency and more modern irrigation techniques are critical to reduce the risk of water crisis over the region.

Last year, the Eurasian Development Bank launched research showing how such methods could be rolled out across the region and considered the key role played by multilateral development banks (MDBs).

The research called for increased collaboration across the region and the creation of an International Water and Energy Consortium for Central Asia that would focus on irrigation and energy projects, and facilitate further interaction and collaboration between MDBs.

Other consortiums could also be launched to implement "significant investment projects", such as water facilities, according to the report, with MDBs acting as a "financial operator" and carrying out projects as well as attracting further capital.

EDB has been collaborating together with national governments and other international development institutions to tackle the issue.

Evgeny Vinokurov, chief economist told Environmental Finance such collaboration is "essential in order to ensure a safe and constant water supply to the population and economy of Central Asia".

He said it has a long-term "commitment to becoming a leading contributor to sustainable development in the region" and recently became the first bank in central Asia to join the Principles for Responsible Banking.