Tashkent, Uzbekistan (UzDaily.com) -- On 25 September, the 8th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank began its work in the Egyptian city of Sharm el-Sheikh, which this year is held under the general theme “Sustainable Development in a Complex World."

In accordance with the agenda of the meeting, on 25-26 September, the sessions “The role of international financial institutions in overcoming the investment gap in the infrastructure sector” and “The water and energy challenge of Central Asia: creating sustainable development in Uzbekistan” were held.

In addition, a business session of the Bank’s Managers was held, during which the Minister of Investment, Industry and Trade, Governor of the AIIB from the Republic of Uzbekistan Laziz Kudratov familiarized the participants in detail with the comfortable conditions for investment and business activities created in Uzbekistan, the introduced benefits and preferences, as well as the established at the constitutional level guarantees the rights of investors in our country.

At the same time, a number of constructive proposals were voiced for further expansion of cooperation, namely: increasing the volume of non-sovereign financing of projects, expanding cooperation in the field of education and development of human capital, including youth, as well as financing projects to create international transport corridors passing through Uzbekistan.

One of the main events of the meeting was the adoption of a resolution by the AIIB Board of Governors to approve the proposal of the Republic of Uzbekistan to hold the next annual meeting of the Bank in Samarkand on 25-26 September 2024.

Based on the results of the voting, the Governor from the Republic of Uzbekistan, Laziz Kudratov, was elected Chairman of the AIIB Board of Governors.

AIIB President Qin Liqun noted: “I am sincerely glad that the Bank’s Council has made a decision to hold the next annual meeting of the Bank in Samarkand. Uzbekistan has extensive experience in holding such events on an international scale, and I am confident that our event will be held at the highest level.”

As part of the event, the work of the national stand of Uzbekistan was organized, clearly demonstrating the investment and tourism potential of the republic.

On the sidelines of the event, Minister Laziz Kudratov held a meeting with the leadership of the Asian Infrastructure Investment Bank.

The parties noted with satisfaction the positive dynamics of growth in the current investment portfolio of the AIIB in Uzbekistan, which includes 13 projects totaling more than US$2.4 billion in such areas as energy, infrastructure development, transport and medicine.

The Bank’s management highly appreciated the administrative reforms being carried out in Uzbekistan and assured of the AIIB’s readiness to continue working to further expand the scope of cooperation with our country. In this context, the progressive growth in the volume of financing of projects without state guarantees will be emphasized.

For reference: Since March 2023, the Bank has approved 3 credit lines without a state guarantee in the amount of US$415 million as part of the implementation of energy projects.

As a result of the negotiations, the parties agreed to continue active interaction aimed at the high-quality implementation of current joint projects and the development of new areas of cooperation.