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The Asian Infrastructure Investment Bank intends to expand cooperation with Uzbekistan

2023-07-04 | Economics

On July 4 this year, Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan, held a meeting with Ludger Schuknecht, Vice President of the Asian Infrastructure Investment Bank (AIIB).

For reference: The Asian Infrastructure Investment Bank is a multilateral development institution aimed at stimulating financial cooperation in the Asia-Pacific region, financing infrastructure projects in Asia from the construction of roads and airports to communication antennas and economy class housing. Currently, more than 80 countries are members of the AIIB.

During the meeting, the current state of affairs on the implementation of existing projects, as well as prospects for expanding financial and technical cooperation between the Republic of Uzbekistan and the AIIB were discussed. In particular, the positive dynamics of growth in the volume of the AIIB's current investment portfolio in the Republic of Uzbekistan, which includes 13 projects totaling more than $2.4 billion in such areas as energy, infrastructure development, transport and medicine, were noted. 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 projects in the energy sector.

Ludger Schuknecht highly appreciated the reforms carried out in Uzbekistan and assured of the AIIB's readiness to continue working together. "Uzbekistan is the first country with which we work on a three–year cycle of projects. Our focus is, of course, on creating infrastructure, strengthening human capital, developing the private sector, as well as promoting the global agenda to curb climate change. We are interested in the further development of our fruitful cooperation with your country," he said.

Following the meeting, the parties agreed on an agenda of active cooperation aimed at the qualitative implementation of current joint projects and the development of new cooperation areas.

Source: Ministry of Investments, Industry and Trade of the Republic of Uzbekistan