Uzbekistan and the Asian Infrastructure Investment Bank (AIIB) have signed a long-term cooperation program for 2026–2029 that allows for financing of initiatives worth up to $5 billion, Gazeta.uz reported, citing representatives of the bank.
The partnership agreement was signed on the sidelines of the AIIB annual meeting in Doha, Qatar. Konstantin Limitovsky, head of the bank's public sector investment block for Region 2 and of project and corporate client financing, signed for AIIB. Deputy Minister of Investment, Industry and Trade (MIIT) Shokhrukh Gulamov signed for the Uzbek government.
The updated program sets out priority areas of cooperation, in particular infrastructure projects to be implemented in Uzbekistan with the bank's direct participation.
«As one of the founding states of AIIB, Uzbekistan has always been a strong and reliable partner, and its list of investment projects reflects clear national priorities,» Limitovsky said.
MIIT head Laziz Kudratov stressed that Uzbekistan is AIIB's largest partner in the region.
«With the updated program, we hope to make our cooperation even closer, attract more private investors, and together translate common plans into concrete projects faster,» the minister added.
In Doha, the parties also signed an agreement under which AIIB's Special Project Preparation Fund will provide Uzbekistan with a $1.5 billion grant. The money will go to the initiative «Improving the Resilience of Uzbekistan's Power Transmission System,» and will fund technical studies and other work that will form the basis of a future investment project.
The initiative aims to increase the transmission capacity of power grids, improve their reliability and climate resilience, and create more opportunities to connect renewable energy facilities. Priority will go to the Fergana Valley and the southern corridor between the Surkhandarya and Samarkand regions.
Specialists will identify solutions to problems that may arise as renewable generation grows. By 2030, Uzbekistan plans to raise the share of clean electricity generation from 30% to 54%, which will require modernizing and expanding the grid.
