Tashkent, Uzbekistan (UzDaily.com) -- The Asian Infrastructure Investment Bank (AIIB) has allocated funds to Uzbekistan for the implementation of the second phase of a project to develop water supply and sanitation systems in the Bukhara region.

According to the resolution signed by the President of Uzbekistan, in order to improve drinking water and sanitation services and ensure their stable supply to the population and business entities of the Bukhara region, the AIIB provides a loan in the amount of US$248.4 million for a period of 25 years with a grace period of 5 years, Dunyo news agency reported. ".

The total cost of the second phase of the project is US$281.25 million. The contribution of Uzbekistan in the implementation of the project in the form of coverage is estimated at the value added tax and the provision of customs benefits - 32.85 million dollars.

About US$385 million was allocated for the implementation of the first stage in 2020.

The Asian Infrastructure Investment Bank is an international financial institution established in 2014, whose main goals are to promote the development and economic integration of the Asia-Pacific region, as well as to stimulate financial cooperation and finance infrastructure projects. Uzbekistan has been a member of the AIIB since its inception.