The AIIB May Finance Projects in Uzbekistan Worth Up to $5 Billion
The Government of Uzbekistan and the Asian Infrastructure Investment Bank (AIIB) have signed an updated long-term investment programme for 2026–2029, which provides for the potential financing of infrastructure projects in the country worth up to US$5 billion (380 billion roubles), according to Gazeta.uz.
The documents were signed on September 28 on the sidelines of the AIIB’s 11th Annual Meeting in Doha. The bank was represented by Konstantin Limitovskiy, Head of Investment Operations for Public Sector, Project and Corporate Finance in Region 2, while Uzbekistan was represented by Shohrukh Gulamov, Deputy Minister of Investment, Industry and Trade. The ceremony was attended by Laziz Kudratov, the minister who serves as Uzbekistan’s Governor at the AIIB.
The updated programme sets out the priority areas of cooperation for the coming years and includes infrastructure projects that the bank may finance between 2026 and 2029.
“As one of the AIIB’s founding members, Uzbekistan has always been a strong and reliable partner, and its investment project pipeline reflects clear national priorities. The updated programme sets the direction for our cooperation through 2029,” Limitovskiy stated.
Kudratov, in turn, noted that Uzbekistan is the AIIB’s largest partner in the region and expressed hope for closer cooperation and greater private investor participation.
In addition, the parties signed a grant agreement under the AIIB’s Project Preparation Special Fund. The funds will be allocated to the preparation of the project entitled “Enhancing the Resilience of Uzbekistan’s Power Transmission System”. This will involve technical studies and preliminary activities that will serve as the foundation for a future investment project.
The project aims to increase the capacity of electricity transmission networks, improve their reliability and resilience to climate risks, and create additional opportunities for connecting renewable energy facilities to the grid. Particular attention will be paid to priority sections, including the southern corridor between Surkhandarya and Samarkand regions and the Fergana Valley.
By 2030, Uzbekistan plans to increase the share of renewable energy sources in electricity generation from approximately 30% to 54%. Achieving this target will require the modernisation and expansion of the electricity grid infrastructure.