Tashkent, Uzbekistan (UzDaily.com) -- On 28 July 2020, the Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) was held in the videoconference format. The event was attended by AIIB managers and deputy governors from 82 member countries of the Bank, the Bank’s management, international experts and other high-ranking guests.

The meeting was opened with a welcoming speech by the Chairman of the People’s Republic of China Xi Jinping, who congratulated the Bank’s shareholders on the successful establishment of a new multilateral financial development institution.

The key issue on the agenda of the Annual Meeting was the election of the AIIB President. Following the results of the voting, the current president, Jin Liquun, was elected by the unanimous decision of the members of the Board of Governors for the period 2021-2025.

During the meeting, a round table was also held, during which the current trends in the global and regional economy, the impact of COVID-19 on international economic relations, the program of measures to support the Bank’s member countries in overcoming the challenges posed by the pandemic, as well as the state of preparation of the corporate strategy were discussed. ...

During the round table, the priorities of the AIIB activities for the short and long term were outlined, the need for a systematic approach of the Bank to achieve a multiplier effect from the implementation of projects was noted, as well as the need for a regular exchange of views in order to develop specific proposals for economic recovery in the AIIB member countries.

The AIIB management presented a report on the results of the Bank’s activities at the end of 2019, as well as a report on the measures taken to support the member countries in overcoming the economic consequences of the pandemic.

The meeting participants were informed about the progress of the AIIB special program "Recovery from the COVID-19 crisis" in the amount of US$10 billion, within which, as of today, more than US$6 billion has been allocated to provide financial support to 12 countries.

Within the framework of this program, about US$300 million is planned to be spent on the implementation of projects to support the healthcare system and business development. These projects cover 10 countries, including Uzbekistan, and are currently at the stage of preparation and approval.

Referring to the key achievements of the AIIB in 2019, the Bank’s management noted the admission to membership of nine new shareholder countries, the expansion of the range of financial products, including financing in local currency, partial loan guarantees, loans with variable spread and loans in hard currency; 12% growth in investment volume compared to last year; and the issuance of US$2.5 billion of five-year bonds, which attracted about US$4.4 billion in new proposals from more than 90 investors in 27 countries.

The AIIB Governor from the Republic of Uzbekistan, Deputy Prime Minister - Minister of Investments and Foreign Trade Sardor Umurzakov noted in his speech that the current situation in the global economy requires governments and development partners to take decisive and effective measures at the national, regional and international levels.

In this regard, it was noted that it is extremely important for the AIIB member countries and the Bank to strengthen cooperation in priority areas and areas: strengthening the health system in the AIIB member countries to meet the needs of the population in the timely provision of medical services for those infected, as well as formation of sufficient potential to reduce the rate of spread of infection; supporting the stable functioning of business entities and infrastructure by deferring tax payments, financing working capital and reducing operating costs; reducing the negative impact of new emerging barriers to foreign trade and investment inflows, as well as restoring disrupted supply chains to maintain positive economic growth; conducting a comprehensive assessment of new challenges and opportunities in the post-crisis period for developing countries.

Also during the meeting, the Board of Governors approved the application of the Republic of Liberia to become a shareholder of the AIIB and determined the venue for the next Annual Meeting of the Board of Governors of the AIIB, scheduled for 27-28 October 2021 in Dubai (UAE).

The Asian Infrastructure Investment Bank (AIIB) was established on 24 October 2014 to support the implementation of infrastructure projects in the Asia-Pacific region. Uzbekistan is a member of the AIIB since 29 November 2016. Currently, a number of large-scale infrastructure projects in the field of water supply, sewerage, construction and reconstruction of highways, electrification of railways, and the comprehensive development of basic infrastructure in the regions for a total amount of more than US$2.0 billion are being worked out together with the bank.