AIIB may finance projects in Uzbekistan worth up to $5 billion
Uzbekistan and the Asian Infrastructure Investment Bank have signed an updated investment program for 2026–2029. It provides for the possibility of financing infrastructure projects in the country worth up to $5 billion. Separately, the bank will allocate a grant for the preparation of the modernization of power grids.
AIIB may allocate up to $5 billion for projects in Uzbekistan
The Asian Infrastructure Investment Bank (AIIB) has signed an updated long-term investment program for 2026–2029, which provides for the possibility of financing infrastructure projects in the country worth up to $5 billion. This was reported to Gazeta by the AIIB.
The documents were signed on September 28 on the sidelines of the 11th Annual Meeting of the AIIB in Doha.
On behalf of the bank, the agreements were signed by Konstantin Limitovskiy, AIIB Vice President for Investment Operations (Region 2, public sector, and client project and corporate finance). On behalf of Uzbekistan, they were signed by Deputy Minister of Investment, Industry, and Trade Shokhrukh Gulamov.
The ceremony took place in the presence of the Minister of Investment, Industry, and Trade Laziz Kudratov, who also serves as the Governor for Uzbekistan at the AIIB.
The updated multi-year investment program defines the priority areas of cooperation between the parties for the coming years. It includes infrastructure projects that the bank may finance in Uzbekistan in 2026–2029 for a total amount of up to $5 billion.
"As one of the founding members of the AIIB, Uzbekistan has always been a strong and reliable partner, and its pipeline of investment projects reflects clear national priorities. The updated program defines the direction of our cooperation until 2029," said Konstantin Limitovskiy.
According to Laziz Kudratov, Uzbekistan is the AIIB's largest partner in the region.
"With the updated program, we hope to make our cooperation even closer, attract more private investors, and together translate our shared plans into concrete projects faster," the minister noted.
In addition, the parties signed an agreement on the provision of a $1.5 million grant from the AIIB Project Preparation Special Fund.
The funds will be directed towards the preparation of the "Uzbekistan Transmission Grid Resilience Project." They will be used for technical studies and other preparatory work, which should form the basis of the future investment project.
It envisages increasing the capacity of power grids, improving their reliability and resilience to climate risks, as well as creating additional opportunities for connecting renewable energy facilities.
During the preparation stage, it is planned to refine technical solutions, estimate the volume of required investments, and assess climate risks.
Special attention will be paid to priority sections of the power grids, including the southern corridor between the Surkhandarya and Samarkand regions, as well as the Fergana Valley. It is intended to identify solutions to eliminate the most vulnerable sections of the grids and connect growing volumes of generation from renewable sources.
By 2030, Uzbekistan plans to increase the share of renewable sources in electricity generation from approximately 30% to 54%. This will require the modernization and expansion of the power grid infrastructure.