SAMARKAND, Uzbekistan, September 26. Uzbekistan has made significant strides in recent years through ambitious policy reforms aimed at enhancing the private sector's role in economic growth, said Asian Infrastructure Investment Bank (AIIB) President Jin Liqun as he addressed a public seminar "New Uzbekistan - Big Country with Big Opportunities" within AIIB annual meeting, TurkicWorld reports.
He emphasized that these reforms have not only unlocked new business opportunities but have also fostered increased competition, positioning Uzbekistan as a crucial component of AIIB’s investment portfolio.
Since the AIIB began its engagement with Uzbekistan in 2016, the bank has successfully supported 15 projects totaling $3.1 billion, placing Uzbekistan among its top eight member countries by performance size. President Jin Liqun expressed optimism about ongoing expansion, predicting even greater growth over the next five to ten years.
The president further noted that the recent introduction of a three-year investment program is designed to guide development efforts in three pivotal sectors: energy, water, and transport.
In the energy sector, the AIIB is backing Uzbekistan's ambitious diversification goals, which include the expansion of renewable energy sources and the enhancement of efficiency in power generation. In water management, the bank is focused on addressing access challenges, aiming to improve water services and reduce losses through innovative infrastructure initiatives.
Transport infrastructure development is another priority, with the AIIB committed to leveraging Uzbekistan's strategic geographical position to enhance the safety, efficiency, and sustainability of its transport network.
As an active member of the global community, Uzbekistan continues to seek collaboration with international institutions to mobilize resources and provide tailored technical assistance. President Jin noted that the AIIB’s co-financing of policy-based programs with other multilateral development banks (MDBs) has fostered a favorable policy environment for resource mobilization.
"This progress is just a glimpse of what we have achieved in Uzbekistan over the past few years," President Jin Liqun stated. "We are deeply involved in various projects and are dedicated to advancing our investment program further. We take pride in having Uzbekistan as our partner and are confident in the sustained progress this nation will continue to make."
