Laziz Kudratov elected Chairman of AIIB Board of Governors for 2024

According to the Ministry of Investment, Industry, and Trade (MIIT), on September 25-26, the sessions “The Role of International Financial Institutions in Overcoming the Investment Gap in the Infrastructure Sector” and “The Water and Energy Challenge of Central Asia: Creating Sustainable Development in Uzbekistan” were held.

In addition, during the business session of the Bank’s Governors, the Minister of Investment, Industry, and Trade of Uzbekistan Laziz Kudratov familiarized the participants in detail with the comfortable conditions for investment and business activities created in our country, provided information about benefits and preferences, as well as guarantees for the rights of investors enshrined in the constitution.

Also, a number of constructive proposals were voiced for further expansion of cooperation, namely: increasing the volume of non-sovereign financing of projects, expanding cooperation in the field of education and development of human capital, including youth, as well as financing projects for the creation of international transport corridors passing through Uzbekistan.

One of the main points of the meeting was the adoption of a resolution by the AIIB Board of Governors to approve the proposal of Uzbekistan to hold the next annual meeting of the Bank in Samarkand on September 25-26, 2024.

Based on the voting results, Laziz Kudratov, AIIB Governor for Uzbekistan, was elected as Chairman of the AIIB Board of Governors for 2024.

AIIB President Qin Liqun noted: “I am sincerely glad that the Bank’s Council has made a decision to hold the next annual meeting of the Bank in Samarkand. Uzbekistan has extensive experience in holding such events on an international scale, and I am confident that our event will be held at the highest level”.

As part of the event, the work of the national stand of Uzbekistan was organized, clearly demonstrating the investment and tourism potential of the republic.

On the sidelines of the event, Minister Laziz Kudratov held a meeting with the AIIB leadership.

The parties noted with satisfaction the positive growth dynamics of the AIIB’s current investment portfolio in Uzbekistan, which includes 13 projects totaling more than $2.4 billion in areas such as energy, infrastructure development, transport, and medicine.

The bank’s management highly appreciated the administrative reforms being carried out in Uzbekistan and assured of the AIIB's readiness to continue working to further expand the scope of cooperation with our country. In this context, the progressive growth in the volume of financing of projects without state guarantees will be emphasized.

According to MIIT, since March 2023, the bank has approved 3 credit lines without a state guarantee in the amount of $415 million as part of the implementation of energy projects.

Following the negotiations, the parties agreed to continue active interaction aimed at the high-quality implementation of current joint projects and the development of new areas of cooperation.