The Central Asia Regional Economic Cooperation (CAREC) region was badly affected by the COVID-19 pandemic. Associated social and economic costs have placed infectious disease at the top of sovereign and corporate risk registers. Prearranged financing for shock events greatly enhances the cost-efficiency and effectiveness of response, but this was virtually nonexistent for infectious disease risk prior to the COVID-19 outbreak. This study provides a review of infectious disease risk financing schemes to draw lessons and recommend solutions for CAREC member countries to strengthen their disaster risk management strategies and public sector budget resilience.