Tashkent, Uzbekistan (UzDaily.com) -- On 4 July 2020, Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov held a meeting with Vice President of the Asian Infrastructure Investment Bank (AIIB) Ludger Schuknecht.

The Asian Infrastructure Investment Bank is a multilateral development institution whose goal is to stimulate financial cooperation in the Asia-Pacific region, financing infrastructure projects in Asia from the construction of roads and airports to communication antennas and economy-class housing. Currently, more than 80 countries are members of the AIIB.

During the meeting, the current state of affairs on the implementation of existing projects, as well as the prospects for expanding financial and technical cooperation between the Republic of Uzbekistan and the AIIB, were discussed.

In particular, the positive dynamics of growth in the volume of the current investment portfolio of the AIIB in the Republic of Uzbekistan, which includes 13 projects totaling more than US$2.4 billion in such areas as energy, infrastructure development, transport and medicine, was noted with satisfaction. Since March 2023, the Bank has approved 3 credit lines without a state guarantee in the amount of $415 million as part of the implementation of projects in the energy sector.

Ludger Schuknecht highly appreciated the ongoing reforms in Uzbekistan and assured that the AIIB was ready to continue working together.

“Uzbekistan is the first country with which we work on a three-year cycle of projects. Our focus is, of course, on building infrastructure, strengthening human capital, developing the private sector, as well as advancing the global agenda to curb climate change. We are interested in the further development of our fruitful cooperation with your country,” he said.

As a result of the meeting, the parties agreed on an agenda for active interaction aimed at the qualitative implementation of current joint projects and the development of new areas of cooperation.