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AIIB allocates $156M loan to Uzbekistan

Business Materials 3 October 2019 17:42 (UTC +04:00)

Baku, Azerbaijan, Oct. 3

By Fakhri Vakilov-Trend:

The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) approved a loan of $ 156 million to Uzbekistan, Trend reports citing RIA Novosti.

These funds will be used to reconstruct the section of the A-380 international highway.

The total cost of the project for updating the 78-kilometer section of the A-380 highway is $222.3 million.

In addition to the loan, reconstruction will be carried out at the expense of the Uzbek side. The term of the project is five years.

Asian Infrastructure Investment Bank is an international financial institution established in 2014, whose main objectives are to promote the development and economic integration of the Asia-Pacific region, as well as stimulate financial cooperation and finance infrastructure projects. Uzbekistan has been a member of the AIIB since its creation.

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