BAKU, Azerbaijan, March 19. The European Investment Bank (EIB) plays a key role in Uzbekistan's sustainable development by supporting several major projects aimed at achieving the country's climate and infrastructure goals, EIB Vice-President Kyriacos Kakouris told Trend in an exclusive interview.
According to Kyriacos Kakouris, EIB is actively collaborating with the Agence Française de Développement (AFD) on the restoration of the Aral Sea. This project, which has significant environmental, social, and economic consequences, is expected to bring both regional and global environmental benefits.
"We are committed to successfully implementing projects like the Aral Sea restoration. Our comprehensive due diligence approach ensures that all projects meet the highest standards of efficiency, sustainability, and accountability. These measures are vital to ensure positive economic, social, and environmental outcomes," he said.
The Vice-President noted that the EIB’s support extends not only to the Aral Sea but also to sustainable forestry, with the bank investing around 1.2 billion euros annually in the forestry sector. He emphasized that the bank is one of the world’s leading lenders in this field.
"We have been financing sustainable forestry projects for over five decades. Our investments contribute to biodiversity conservation, climate resilience, and the development of sustainable forest-based economies. This aligns with the broader EU goals for climate change mitigation and supporting the UN’s Sustainable Development Goals," Kyriacos Kakouris said.
He also highlighted EIB’s efforts in Central Asia, including a 200 million euro loan agreement with the Development Bank of Kazakhstan to improve transport infrastructure in the region. This cooperation is expected to mobilize around 3 billion euros for sustainable transport projects, strengthening trade and connectivity between Europe and Central Asia.
"We support projects that align with the EU-Central Asia Roadmap and Global Gateway goals. These investments are critical for diversifying transport routes, improving accessibility, and increasing economic interdependence across the region," the vice president underlined.
The official emphasized that in Uzbekistan, EIB is actively working in various sectors, including transport, digital connectivity, and renewable energy. He stressed the bank’s support for solar energy projects, including a loan of $83.6 million for three large photovoltaic plants. Furthermore, EIB is helping bridge the digital divide through a partnership with SES, providing broadband internet to remote rural areas in Uzbekistan.
"We are committed to inclusive and sustainable development in Uzbekistan. By investing in digital connectivity and renewable energy, we are helping improve access to education, healthcare, and economic opportunities, especially in rural areas," Kyriacos Kakouris said.
According to him, the EIB is also in discussions with Uzbek authorities about the potential establishment of an office in Tashkent.
"EIB’s long-term goal is to support Uzbekistan’s sustainable development by providing financial support and technical expertise for green infrastructure projects. We look forward to continuing our cooperation with the authorities and contributing to the country’s climate and economic resilience," he added.