Beijing, China, June 24, 2020
USD165.5-M AIIB Loan to Enhance Uzbekistan Transport Connectivity
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a loan of USD165.5 million to Uzbekistan to improve the road efficiency, safety and climate resilience of major cross-border roads in the Bukhara region.
Good road connectivity is an essential growth driver in landlocked Uzbekistan. The country’s road network plays an important role in transporting goods and passengers in Central Asia. However, road infrastructure in Uzbekistan is faced with insufficient investments to meet the need for infrastructure upgrades to sustain growing traffic demand. The Government of Uzbekistan has identified the modernization of road transport as a priority development area. It is securing funds to fill the financing gap to support road construction and improvement.
To address this financing need, the Bukhara Road Network Improvement Project Phase 1 will support the rehabilitation and maintenance of a 78-kilometer section of the international road A380 in the Bukhara region. The project is expected to directly benefit about 247,000 people who reside in the area by reducing fuel and vehicle maintenance costs, enhancing road safety and saving travel time. As a key international freight corridor, the road’s expected improved operational efficiency would enhance movement of international freight and facilitate trading activities, resulting in wider benefits for agricultural and industrial sectors in the Bukhara Region.
“This project is of regional importance and well-aligned with AIIB’s strategic priority of promoting cross-border connectivity to unlock greater productivity and higher economic growth,” said AIIB Vice President, Investment Operations, Konstantin Limitovskiy. “As our first stand-alone transport project in Uzbekistan, the financing will help enhance the country’s transport infrastructure and strengthen key international transport corridors across the Eurasian landmass.”
The financing will also pave the way for the next phase of the project, which covers rehabilitation and maintenance of international road M37 sections in and around the Bukhara region, as well as regional/local road networks in the Republic of Karakalpakstan and Khorezm regions.
In addition to improving road efficiency and safety, the project is expected to enhance resilience to the negative impacts of climate change by strengthening road topographical and hydrological design in response to multiple climate scenarios.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, we began operations in January 2016 and have now grown to 102 approved members worldwide. By investing in sustainable infrastructure and other productive sectors in Asia and beyond, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.
Beijing, China, July 06, 2020
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