(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 3. The Islamic
Development bank (IsDB) undertakes a three-year work program in
Uzbekistan and identifies potential priority infrastructure
projects for processing, Vice President of Operations at IsDB
Mansur Muhtar told Trend .
"Currently, three infrastructure projects are under
consideration for Uzbekistan. One such project involves the
reconstruction of the A-373 Road, which spans 37 kilometers and is
aimed at enhancing transportation infrastructure. The construction
of approximately 54 schools, designed to accommodate nearly 47,000
students, is another significant initiative that aims to improve
educational facilities and accessibility. Additionally, the bank is
working on the reconstruction of a 143-kilometer section of the
4R40 Road to further enhance the country's road network," he
said.
According to Mansur Muhtar, under the Public-Private Partnership
(PPP) scheme, the bank provided financing for the development of
the 1,500 MW Surkhandarya Combined Cycle Power Plant worth 100
million euros. In addition, the IsDB is proud to finance the
Tashkent Riverside Solar Plant in Uzbekistan for an amount of $50
million, which includes a 200 MW solar PV plant and the largest
battery energy storage system (BESS) in Central Asia with a
capacity of 500 MWh.
At the same time, he noted that the IsDB continues to encourage
the development of renewable energy infrastructure and is currently
in discussions with other private sector companies that are
developing new projects in Uzbekistan.
"With regards to the private sector, the bank, through its
entities, the Islamic Corporation for the Development of the
Private Sector (ICD) and the International Islamic Trade Finance
Corporation (ITFC), is very active in providing lines of financing
to local banks for onward support to SMEs and trade, including
import and export finance products. As for the Islamic Corporation
for the Insurance of Investment and Export Credit (ICIEC), the
insurance arm of the IsDB, several projects are being considered.
These include investment insurance for international renewable
energy companies operating in Uzbekistan, export insurance in the
automotive industry for neighboring countries, and non-payment
insurance for international banks providing lines of financing for
local banks," the vice president added.
Earlier, a meeting was held between Uzbekistan's Minister of
Investment, Industry, and Trade, Laziz Kudratov, and a delegation
headed by the head of the Regional Office of the Islamic
Development Bank, Ibrahim Shukri.
During the meeting, the sides announced that the IsDB is
developing four promising projects worth $434 million with
Uzbekistan.
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