Tashkent, Uzbekistan (UzDaily.uz) — The Asian Infrastructure Investment Bank (AIIB) and the Government of Uzbekistan have signed an updated Multi-Year Investment Programme (MYRP), providing for potential financing of up to US$5 billion for infrastructure projects in 2026–2029.
The parties also signed a US$1.5 million grant agreement to prepare a project aimed at improving the resilience of Uzbekistan’s power transmission system.
The documents were signed on the sidelines of the 11th AIIB Annual Meeting in Doha.
The updated investment programme sets out the priority areas of cooperation between the bank and Uzbekistan for the coming years. It provides for potential financing of infrastructure projects aligned with the country’s national development priorities.
The documents were signed on behalf of AIIB by Konstantin Limitovskiy, Vice President, Investment Operations, responsible for the public sector (Region 2) as well as project and corporate financing for clients in the global region. Uzbekistan was represented by Deputy Minister of Investments, Industry and Trade Shokhrukh Gulamov.
Uzbekistan’s Minister of Investments, Industry and Trade and the country’s Governor to AIIB Laziz Kudratov also attended the signing ceremony.
“As one of the founding members of AIIB, Uzbekistan has always been a strong and reliable partner, and its investment project portfolio reflects clear national priorities. The updated programme sets the direction of our cooperation through 2029. The grant agreement signed today also demonstrates how joint work from the outset can help develop high-quality and sustainable projects that are ready to attract investment,” Konstantin Limitovsky said.
According to Laziz Kudratov, Uzbekistan’s dynamic economic development and its growing role in regional trade, energy and transport links are creating additional opportunities for international investment cooperation.
“We truly value Uzbekistan being AIIB’s largest partner in the region and appreciate the bank’s confidence. Through the updated programme, we expect to make our cooperation even closer, attract more private investors and accelerate the implementation of our joint plans by turning them into concrete projects,” the minister said.
Grant to modernize Uzbekistan’s power grid
Under the second agreement, AIIB will provide a US$1.5 million grant to prepare the “Enhancing the Resilience of Uzbekistan’s Power Transmission System” project.
The funds will be used for technical studies and other preparatory work. Their results will provide the basis for a future investment project aimed at increasing power-grid capacity, improving the reliability of electricity supplies and strengthening infrastructure resilience to the effects of climate change.
The preparatory phase will include developing technical solutions, assessing investment needs and climate risks, and identifying opportunities to connect additional renewable energy capacity. This will allow the project to be prepared for further consideration and potential financing.
Particular attention will be given to priority sections of the power transmission infrastructure, including the southern corridor between Surkhandarya and Samarkand regions and the Ferghana Valley.
The work is intended to help identify the most vulnerable sections of the grid, improve the reliability of the power system and create conditions for integrating growing volumes of electricity generated from renewable sources.
Modernizing the power grid is particularly important in the context of Uzbekistan’s energy plans. By 2030, the country intends to increase the share of renewable energy in electricity generation from around 30% to 54%.
Achieving this target will require significant expansion and technical modernization of the electricity transmission network to ensure reliable operation of the power system as the share of solar and wind generation increases.
Foundation for long-term infrastructure partnership
The signed documents reflect the development of cooperation between AIIB and Uzbekistan in infrastructure investment.
The updated multi-year programme establishes prospective areas for financing, while the grant agreement creates an opportunity to prepare a specific energy project to a high standard.
This approach combines long-term investment planning with preliminary technical preparation of infrastructure initiatives.
As a result, it creates conditions for attracting financing, expanding private-sector participation and implementing projects aligned with Uzbekistan’s economic development priorities.
