President of the Republic of Uzbekistan Shavkat Mirziyoyev has arrived in Samarkand to participate in the events of the annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB).
The AIIB, formed in 2015 by more than 50 states, officially began its work in January 2016, and became a new international financial organization, one of the largest international projects of the PRC for interaction with the world. At the same time, Uzbekistan became a member of the AIIB in November 2016.
The AIIB is an open structure that all countries and economic entities seeking economic development in Asia and the world as a whole can join.
Currently, the AIIB includes 109 participating countries, of which projects in 37 countries are currently being funded.
The objectives of the AIIB in the Agreement include the promotion of sustainable development, prosperity and infrastructure development in Asia and the development of regional cooperation within the framework of bilateral and multilateral formats. It is expected to actively promote both public and private investment.
The Organization is open in nature, but the proportions established by the Agreement in terms of the number of Asian and non-Asian countries must be respected. Under all conditions, the "regional members" retain a preponderance in shares and a share in the authorized capital (75%). There is a possibility of accepting into the AIIB "applicants who do not have sovereignty or do not have the authority to independently conduct their foreign policy."
The AIIB provides financial and technical support for the implementation of projects in the following sectors:
The AIIB and the existing World Bank, the Asian Development Bank and other multilateral development banks complement each other. The World Bank and the Asian Development Bank are focusing mainly on poverty reduction, while the AIIB has focused mainly on infrastructure development, which can also indirectly contribute to poverty eradication.
The main currency of the bank is the US dollar, but other currencies are allowed in the articles of Agreement. Developing countries can pay contributions in installments and in their national currency, but if the exchange rate falls, they will need to pay the difference within a reasonable time.
The "Resources of the bank" cover not only the authorized capital and funds from operations, but also income from loans and funds not mentioned in the document, as well as any other funds and income not included in the list of Special Resources under Article 17 of the Agreement. This provision provides significant freedom of action for the bank or a specific project.
The AIIB is actively involved in financing infrastructure projects in Uzbekistan. The portfolio of joint projects exceeded $3 billion. In 2023 alone, the volume of attracted investments in the country reached $1 billion. In the next 3 years, the bank will finance projects in the republic for another $2.6 billion. In total, the AIIB's investments in Uzbekistan are expected to reach $5.6 billion.
These projects include modernization of transport infrastructure, development of the energy sector, improvement of water supply and sanitation, as well as support for small and medium-sized businesses.
At the moment, the AIIB has approved financing for more than 200 projects totaling over $55 billion. Projects are being implemented in various Asian countries, including China, India, Indonesia, Pakistan, Bangladesh, Vietnam and others.
To date, the AIIB has provided financing for 13 projects in Uzbekistan, including in the field of "green" energy, waste and sewerage management and sustainable financing totaling more than $2 billion, in particular for:
AIIB plays an important role in the development of infrastructure in the Asia-Pacific region, including in Uzbekistan. The Bank provides significant financial resources and technical expertise for the implementation of projects that contribute to economic growth and improve the quality of life of the population.
CERR Public Relations Sector
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