BAKU, Uzbekistan, September 28. EIB’s investments are fully in line with its established financial priorities in Uzbekistan, a source at EIB (European Investment Bank) told TurkicWorld.

The source noted that EIB prioritizes the development of such sectors as energy efficiency, renewable energy, water resource management, and facilitation of access to financial resources for small and medium-sized businesses.

"EIB directs its efforts toward fostering sustainable connectivity and aiding in the transition towards a sustainable, climate-neutral economic model aligned with the goals of the European Union. Within this region, the EIB's dedication to climate action primarily manifests through financial support for environmentally friendly infrastructure projects. These include endeavors related to energy efficiency, renewable energy sources, energy transmission, water supply, and sanitation improvements, as well as facilitating SMEs' access to financing," the bank said.

As the source explained, the European Investment EIB supported the development of photovoltaic facilities in Uzbekistan with the largest collective capacity within the region, investing $83.6 million (as part of a larger sum of $396.4 million in collaboration with other international financial institutions) in Uzbekistan's 2023 solar program.

"These projects are fully in line with the EIB's established financial priorities in Uzbekistan, encompassing a range of sectors including energy efficiency, renewable energy, water resource management, and facilitating access to financial resources for small and medium-sized businesses. This focus holds particular significance in the post-Covid-19 recovery phase," the bank concluded.

Meanwhile, EIB's volume of investments in Uzbekistan's projects amounts to 410 million euros. The Bank continues to explore opportunities for engaging in access to finance support for the private sector in this region while supporting, as much as possible, their link to more green activities and practices.