AIIB to finance projects worth $2.4 billion in Uzbekistan

The Minister of Investments and Foreign Trade Sardor Umurzakov met with the new vice president of the Asian Infrastructure Investment Bank (AIIB) Konstantin Limitovskiy.

According to the MIFT press service, the parties discussed current issues of cooperation and progress in the implementation of infrastructure investment projects in the development of water supply, sanitation, heat supply, landscaping and road construction.

It was emphasized that 2019 was a point of unprecedented growth in the scale of cooperation due to the launch of large infrastructure projects in Uzbekistan.

Konstantin Limitovskiy voiced that the current position of the AIIB leadership regarding the prospects for further activities in Uzbekistan is the accelerated implementation of the agreements reached and the consistent expansion of the portfolio of investment projects aimed at comprehensive development of infrastructure and improving the living standards of the population.

Also within the framework of the meeting, a draft program of cooperation between AIIB and the Republic of Uzbekistan for 2020-2022 was considered. It includes the implementation of investment projects in the areas of housing and communal services, road construction, energy, affordable housing and private sector development, modernization of the infrastructure of Karakalpakstan, Bukhara and Khorezm regions, co-financing of a comprehensive program development of medium-sized cities with the World Bank, co-financing of electrification of the Bukhara-Urgench-Khiva railway jointly with the ADB and others. $2.4 billion will be allocated for these purposes.

Following the meeting, an agreement was reached on enhancing interaction within the framework of ongoing initiatives, bearing in mind the transition to the active phase of practical implementation of projects, which will allow AIIB to strengthen its presence in Uzbekistan as a key financial partner.