BAKU, Azerbaijan, August 25. Uzbekistan and the Export-Import Bank of China are working to expand financial cooperation, focusing on accelerating investment projects worth more than $1 billion across key sectors of the economy.
This was reflected in the statement by the Uzbek Ministry of Investment, Industry and Trade, following a meeting between Deputy Minister Ilzat Kasimov and Wang Kang, vice president of the Export-Import Bank of China, on August 25.
According to the Ministry, the portfolio of joint projects between Uzbekistan and China Exim Bank currently exceeds $5.7 billion, according to the Uzbek ministry.
The sides reviewed the implementation of ongoing projects and discussed prospects for expanding financial cooperation and developing new investment initiatives.
"Special attention was paid to 7 promising projects with a total value of $1.05 billion in the areas of hydropower, water infrastructure, agriculture, and transportation, including the Pungan-Namangan highway project," the ministry said in the statement.
A separate focus was placed on a $500 million telecommunications project, which is currently under active implementation.
The projects form part of broader efforts by Uzbekistan and Chinese financial institutions to expand investment cooperation and support infrastructure and economic development in Uzbekistan.
The focus on hydropower, water infrastructure and transport also reflects Uzbekistan’s efforts to address infrastructure needs while attracting long-term financing for projects with potential economic and regional benefits.
Following the meeting, the sides reaffirmed their interest in accelerating priority projects and expanding the existing investment portfolio.
The discussions are expected to provide additional momentum to Uzbekistan-China financial cooperation and help move several major projects from planning toward implementation.
