BAKU, Azerbaijan, October 3. The Islamic Development Bank (IsDB) undertakes a three-year work program in Uzbekistan and identifies potential priority infrastructure projects for processing, Vice President of Operations at IsDB Mansur Muhtar told Trend.
"Currently, three infrastructure projects are under consideration for Uzbekistan. One such project involves the reconstruction of the A-373 Road, which spans 37 kilometers and is aimed at enhancing transportation infrastructure. The construction of approximately 54 schools, designed to accommodate nearly 47,000 students, is another significant initiative that aims to improve educational facilities and accessibility. Additionally, the bank is working on the reconstruction of a 143-kilometer section of the 4R40 Road to further enhance the country's road network," he said.
According to Mansur Muhtar, under the Public-Private Partnership (PPP) scheme, the bank provided financing for the development of the 1,500 MW Surkhandarya Combined Cycle Power Plant worth 100 million euros. In addition, the IsDB is proud to finance the Tashkent Riverside Solar Plant in Uzbekistan for an amount of $50 million, which includes a 200 MW solar PV plant and the largest battery energy storage system (BESS) in Central Asia with a capacity of 500 MWh.
At the same time, he noted that the IsDB continues to encourage the development of renewable energy infrastructure and is currently in discussions with other private sector companies that are developing new projects in Uzbekistan.
"With regards to the private sector, the bank, through its entities, the Islamic Corporation for the Development of the Private Sector (ICD) and the International Islamic Trade Finance Corporation (ITFC), is very active in providing lines of financing to local banks for onward support to SMEs and trade, including import and export finance products. As for the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the IsDB, several projects are being considered. These include investment insurance for international renewable energy companies operating in Uzbekistan, export insurance in the automotive industry for neighboring countries, and non-payment insurance for international banks providing lines of financing for local banks," the vice president added.
Earlier, a meeting was held between Uzbekistan's Minister of Investment, Industry, and Trade, Laziz Kudratov, and a delegation headed by the head of the Regional Office of the Islamic Development Bank, Ibrahim Shukri.
During the meeting, the sides announced that the IsDB is developing four promising projects worth $434 million with Uzbekistan.