The Asian Infrastructure Investment Bank (AIIB) has strengthened its enduring partnership with Uzbekistan through a series of agreements signed during the Bank's 9th Annual Meeting, held in Samarkand—the first of its kind in Central Asia.
These agreements build on the recently established three-year rolling pipeline for sovereign-backed projects, signed by Uzbekistan President Shavkat Mirziyoyev and AIIB President Jin Liqun in Beijing. This strategic partnership lays a solid foundation for ongoing collaboration aimed at advancing Uzbekistan's sustainable development goals.
Among the agreements reached, AIIB and the Swiss State Secretariat for Economic Affairs (SECO) finalized an agreement for an $8.8mn contribution to support the Karakalpakstan and Khorezm Water Supply and Sanitation Project. This critical initiative will enhance water resource management, sanitation services, and flood risk management in some of Uzbekistan's most water-stressed areas. The project aligns with AIIB's focus on green infrastructure and technology-enabled initiatives, representing a significant step toward achieving climate resilience and water security in Uzbekistan.
Additionally, AIIB signed its inaugural loan agreement with Asakabank, marking a pivotal moment in its partnership with the financial institution. This RMB-denominated loan aims to bolster Asakabank’s portfolio in renewable energy and energy efficiency, providing vital financial support for green investments. This agreement is integral to Uzbekistan's energy transition strategy, underscoring AIIB's commitment to fostering climate-resilient infrastructure across Central Asia.
Building on this momentum, AIIB signed a mandate letter with SQB (formerly Sanoat QurilishBank) to promote sustainable energy projects. This partnership will facilitate longer-tenor funding than typically available, enabling SQB to finance renewable energy initiatives and further contributing to Uzbekistan's clean energy objectives. This collaboration follows the signing of a letter of intent in January 2024.
Lastly, AIIB secured a grant agreement aimed at expanding and modernizing Uzbekistan's public education infrastructure, marking its first project in the education sector. This initiative addresses the urgent need for additional classroom capacity by constructing new schools, renovating existing facilities, and incorporating modern educational tools and technology. With a focus on gender inclusion, digital technology, and climate resilience, this project aims to equip Uzbekistan’s youth for future challenges.
“The three-year rolling pipeline agreement between President Mirziyoyev and President Jin establishes a strategic framework that aligns Uzbekistan’s development goals with AIIB’s expertise and resources,” stated Konstantin Limitovskiy, AIIB Vice President for Investment Clients Region 2 and Project and Corporate Finance, Global. “The agreements signed during the Annual Meeting further emphasize AIIB’s commitment to impactful, long-term projects that promote prosperity, resilience, and sustainable growth in Uzbekistan.”
Uzbekistan’s Minister of Investment, Industry, and Trade, Laziz Kudratov, who serves as Governor for Uzbekistan at AIIB, remarked, “The Asian Infrastructure Investment Bank has been a long-standing partner of Uzbekistan, aiding in our pursuit of sustainable infrastructure and investment development, enhancing living conditions, and realizing the goals of Strategy 2030. The signing of the grant agreement for modernizing school infrastructure is a significant milestone in this journey.”
AIIB’s ongoing investments in green infrastructure, renewable energy, education, and water management reflect its commitment to supporting Uzbekistan's Sustainable Development Strategy: Vision 2030, which aims to alleviate poverty, foster inclusive growth, and enhance resilience to global challenges. As AIIB and Uzbekistan deepen their cooperation, these projects will serve as essential drivers of the nation’s green transformation, promoting economic resilience and improving the quality of life for its citizens.
The Asian Infrastructure Investment Bank, established in 2016 and headquartered in Beijing, is a multilateral development bank with a mission to finance sustainable infrastructure in Asia and beyond. With 110 approved members and a capital of $100bn, AIIB is committed to unlocking new capital and investing in infrastructure that is green, technology-enabled, and enhances regional connectivity.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)