On January 27, a meeting with the Vice President of the Asian Infrastructure Investment Bank (AIIB) Konstantin Limitovskiy took place at the National Bank for Foreign Economic Activity of the Republic of Uzbekistan.

At the meeting, the parties discussed the current state of cooperation, identified new growth points of mutually beneficial partnership and promising areas in financing investment and infrastructure projects. The parties agreed to consider the possibilities of financing infrastructure development projects, including in the transport system, tourism, construction of bridges and roads, mining and others.

Issues of establishing practical multilateral cooperation with the leading financial institutions of the People’s Republic of China and other AIIB member countries were also considered.

Following the meeting, a loan agreement was signed between the NBU and AIIB to attract a preferential credit line for $200 million. By the Resolution of the Cabinet of Ministers of Uzbekistan of December 28, 2021 No. 780 “On measures to attract and use the credit line of the Asian Infrastructure Investment Bank to support the business during the coronavirus pandemic”.

The agreement is aimed at supporting enterprises affected by the consequences of the ongoing coronavirus pandemic, providing them with working capital and increasing production capacity by providing loans to small businesses for the implementation of infrastructure projects, as well as projects in production, catering, transport and services.

The agreement signed by the parties will primarily serve to implement the Development Strategy of the New Uzbekistan for 2022-2026, one of the priorities of which is the development of the national economy, ensuring high rates of its growth, including allowing proper implementation of government initiatives to liberalize the economy, develop the healthy competition, improve the investment climate and welfare of the country’s population, and, accordingly, create new jobs.

The agreement will also serve as an additional incentive for further promotion of trade and economic relations of Uzbekistan with the AIIB member countries and the development of promising areas of their cooperation.

NBU Press Service