Baku, Azerbaijan, September 24
By Nargiz Sadikhova - Trend:
The European Investment Bank (EIB) and the Ministry of Investment and Foreign Trade of Uzbekistan signed a Memorandum of Understanding paving the way for a 100 million euro investment program designed to join in international efforts to recover the Aral Sea, Trend reports with reference to the press office of EIB.
As the EU Climate Bank, EIB will support the Uzbek Government achieve one of its national priorities and protect the environment in the Aral Sea region, home to around 1.8 million people, and facilitate transition to a greener economy.
The EIB plans a two-tier investment program for the Aral Sea – which was in 1970 the fourth largest body of water on Earth. The first tier will see the rehabilitation and modernization of the obsolete irrigation systems in the Amu Darya river valley, a major water contributor to the Aral Sea.
The second will allow for restoration of agricultural land in the area, degraded over decades by saline intrusion, and now covered in salt because of decades of inadequate, Soviet-style irrigation system usage.
The two measures will reduce the amounts of water currently drawn from the Amu Darya River for irrigation and allow the river to contribute more water to the Aral Sea. The EIB-backing will also allow Uzbekistan to stop further environmental damage in the Aral Sea Region, mitigate and alleviate the negative climate, environmental, economic and social effect of extensive and inadequate irrigation in the Uzbekistani part of the Aral Sea basin. The partnership will contribute towards a more sustainable, environment-friendly economy in Uzbekistan.
The environmental situation around the Aral Sea has been deteriorating since 1960`s, affecting living and economic conditions for communities in the Amu Darya river valley, the Uzbek region of Karakalpakstan, with negative climate and environmental effects extending globally, well beyond the borders of Uzbekistan
Following the MoU, the next step towards the investment program will be the approval of the loan by the EIB. Once approved and signed, the program will be implemented in partnership with the Government of Uzbekistan and the European Union, within the framework of the United Nations Multi-Partner Human Security Trust Fund for the Aral Sea Region (MPHSTF), set up jointly by the UN and Uzbekistan to coordinate the aid flow in the region
“Today, the EIB – the EU`s Climate Bank - and the Government of Uzbekistan partner to contribute to the international effort to save the Aral Sea for the future generations. Together, we will work to alleviate one of the worst man-made environmental disasters in the world today and create greener economy for the people of Uzbekistan to benefit from.
The EIB is proud for the opportunity to work alongside our Uzbek partners, the EU and the international community towards a long-term sustainable solution for the Aral Sea. This signature is good news for the Uzbeks, Central Asia, Europe and the World and I am proud to represent the EIB on this historic occasion,” Vice-President of the EIB Vazil Hudak said.
To date EIB invested 200 million euro in Uzbekistan supporting projects in two water and sewage, and energy efficiency projects.
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