AIIB Vice President Konstantin Limitovskiy spoke about the bank’s current activities, its mission in Uzbekistan, and the forthcoming Annual Meeting in Samarkand.

– Uzbekistan holds significant importance for AIIB, – he said. – We are currently engaged in several crucial infrastructure projects in the country and maintain smooth communication with government representatives. Recently, I had the opportunity to attend a plenary session of the Tashkent International Investment Forum led by President Shavkat Mirziyoyev.

– AIIB has had a great year in Uzbekistan so far, and more to come with the Annual Meeting in September. Why does the Bank focus on infrastructure as the main development tool? 

– As an MDB, we see ourselves playing two major roles: the first is to stay focused on our vision and mandate of financing i4t to build resilient infrastructure so our Members can better withstand future crises and achieve sustainable development, including their net zero transitions, and the second is to provide countercyclical financing to support our Members through a difficult and unpredictable macroeconomic environment, consistent with AIIB’s mandate. 

We currently have projects in the pipeline being developed with the Government of Uzbekistan. We will announce them during this year’s Annual Meeting in Samarkand.

– AIIB’s mission to finance infrastructure for tomorrow lays perfectly with Uzbekistan’s priorities. How has AIIB been involved in Uzbekistan’s transition so far? 

– Our partnership is growing strongly with AIIB’s approved operations in Uzbekistan reaching over USD 3.1 billion, ranked the largest borrowing member in Central Asia and seventh largest among all AIIB members.

In January 2024, we had the honor of hosting H.E. President Mirziyoyev at AIIB headquarters in Beijing. This visit marked a significant milestone in the engagement between Uzbekistan and AIIB, elevating our partnership to a new level. During this visit, we signed the three-year SBF Investment Program worth USD 2.6 billion, translating our top-level consensus into concrete action plans and priority projects. This program includes government-priority projects in tackling climate change, promoting energy transition, enhancing the country’s transportation and power transmission lines, and developing a robust digital infrastructure network.

Allow me to highlight a few projects that AIIB is doing in Uzbekistan. We financed the largest solar program of 897 MW in Samarkand, Jizzakh, and Surkhandarya, developed by Masdar. We have four projects for rural roads and railways in portfolio and pipeline, with a total investment of USD 626 million for various regions.

– Water scarcity is undoubtedly a critical issue for Uzbekistan. Could you elaborate on the investments made by AIIB in Uzbekistan’s water sector?  

– Already today, according to the United Nations SDG reporting, Uzbekistan’s freshwater withdrawal is above its available renewable freshwater resources, signaling critical water stress, which is expected to increase further with climate change.  

AIIB stands ready to support Uzbekistan in addressing the water-energy challenges it faces. The Bank has already undertaken several projects in Uzbekistan that exemplify our commitment to addressing these challenges.  

In Bukhara, AIIB is supporting the Government to comprehensively increase access to water and sanitation services and quality of service. Together, AIIB’s Bukhara Water Project Phase I and II Projects include investments of USD 630 million and benefit 1.2 million residents in Bukhara region, providing them access to safely managed water supply and wastewater services. Further, water supply and sanitation investments amounting to USD 412 million project are also under preparation for Khorezm region and the Republic of Karakalpakstan.  

– Your commitment to Uzbekistan is impressive, but given that the Bank has 109 members worldwide, why did you choose Uzbekistan as the country to hold the Annual Meeting?

– The Bank chose Samarkand because Uzbekistan is one of our most important members, and we have a very large portfolio of projects that we are already financing or planning to finance.  

During our annual meetings, we focus on showcasing the successes of our projects over the past couple of years. It is especially relevant to Uzbekistan as we have 15 projects, most of which are being implemented. We are happy to continue cooperation with Uzbekistan and the region. We hope that the Annual Meeting in Samarkand will be one of the best in the history of AIIB. Therefore, we warmly invite all stakeholders to join us in Samarkand this September, where everyone can experience the famous Uzbek hospitality that we at AIIB hope to match in every way.

Nasiba Ziyodullayeva, UzA