BAKU, Azerbaijan, June 24. The Asian Infrastructure Investment Bank (AIIB) plans to introduce an additional 11 projects with an investment nearing $2 billion in Uzbekistan over the next three years, a source from the bank told Trend.
“As of now, AIIB has approved 14 projects in Uzbekistan, totaling over $3 billion. These projects encompass both Sovereign-Backed Financing (SBF) and Non-Sovereign-Backed Financing (NSBF) efforts. Looking ahead, AIIB plans to introduce an additional 11 projects over the next three years, with an investment nearing $2 billion. These future projects will further support Uzbekistan's strategic goals, such as transitioning to a low-carbon economy and achieving sustainable development, aligned with the country's New Development Strategy for 2022–2026,” the source noted.
According to the source from the bank, the partnership between Uzbekistan and AIIB has a significant potential impact on the country’s sustainable development goals and overall economic growth. With AIIB's operations in Uzbekistan exceeding $3.1 billion, the country has become the largest borrower in Central Asia and a major player among AIIB members.
“The SBF program is strategically designed to address key areas such as climate change mitigation, energy transitions, and infrastructure enhancements, which include upgrading transportation networks and power systems as well as developing a robust digital infrastructure. Particularly noteworthy is the emphasis on modernizing infrastructure in rural areas to promote equitable economic development. These projects are vital as they not only target economic growth but also aim to improve the quality of life by ensuring more equitable resource distribution and access to services,” the source said.
The representative of the bank added that in addition to sovereign operations, AIIB's non-sovereign investments, which exceed $500 million, focus on sectors crucial for sustainable development, such as clean energy production, energy conservation, and environmental protection. These projects include significant initiatives like the development of a large-scale solar program and upcoming investments in areas such as battery energy storage systems, ICT, and wind and solar energy generation. Such investments underscore the bank's commitment to fostering low-carbon, high-efficiency, and technologically advanced infrastructure.
As a founding member of the AIIB, Uzbekistan has been a key partner in the bank's operations since 2016. The AIIB's engagement in Uzbekistan represents its largest portfolio in Central Asia. The collaboration has led to significant investments in various sectors, including railways, roads, energy, banking, and water supply and sanitation, benefiting both the public and private sectors.