Beijing-based AIIB, Uzbekistan agree $5bn pipeline of potential 2026-2029 infrastructure investments

The Beijing-based Asian Infrastructure Investment Bank (AIIB) and Uzbekistan have agreed on a pipeline of potential 2026-2029 infrastructure investments worth up to $5bn.

The AIIB said an updated multi-year rolling pipeline (MYRP) and a $1.5mn project preparation special fund (PPSF) grant agreement were signed on the sidelines of its 11th annual meeting, held in Qatari capital Doha.

Under the PPSF agreement, the AIIB will provide a $1.5mn grant to support preparation of the proposed Uzbekistan Resilient Electricity Transmission Project.

The funding will cover technical studies and other preparatory work for a potential investment aimed at strengthening the capacity, reliability and climate resilience of Uzbekistan’s electricity transmission network.

The agreements were signed by Konstantin Limitovskiy, AIIB chief investment officer for public sector (region 2) and project and corporate finance clients (global) and Shohrukh Gulamov, Uzbekistan’s deputy minister of investment, industry and trade. The signing was witnessed by Laziz Kudratov, Uzbekistan’s investment, industry and trade minister and the AIIB governor for Uzbekistan.

“Uzbekistan is an important founding member of AIIB and a valued partner, with a strong pipeline of infrastructure investments in line with the country’s development priorities,” said Limitovskiy. “The updated MYRP provides a forward-looking framework for our cooperation through 2029, while the project preparation support signed today demonstrates how we can work together from the earliest stages to develop high-quality and investment-ready infrastructure.”

The project preparation work will refine technical designs, assess investment needs and climate risks, support greater renewable energy integration and prepare the proposed project for appraisal and potential financing.

Priority areas include the southern transmission corridor between Surkhandarya and Samarkand and the Ferghana Valley. The work will also examine measures to improve grid reliability, address transmission bottlenecks and accommodate increasing renewable power generation.

Kudratov said that Uzbekistan’s economic growth and position as a regional trade, energy and transport hub were creating scope for closer cooperation with the development bank.

“Uzbekistan today is one of the fastest-growing economies in Central Asia and is becoming a key hub for trade, energy and transport in the region,” said Kudratov. “It is no coincidence that we are AIIB's largest partner in Central Asia. With the updated programme, we want to take this partnership even further, bring in more private investors and turn our shared plans into real projects faster.”

Uzbekistan plans to increase the share of renewable energy in its power mix from around 30% to 54% by 2030, requiring upgrades and expansion of the country’s transmission infrastructure.

The agreements also reflect Uzbekistan’s push for greater private-sector participation in infrastructure development. Speaking at the AIIB Governors’ Roundtable, Kudratov highlighted the need to improve project preparation and expand the bank’s support at the early stages of project development.

Uzbekistan also called for greater AIIB involvement in cross-border transport, energy and water infrastructure projects, alongside increased non-sovereign financing and mobilisation of private capital.

The government also emphasised the importance of strengthening AIIB’s regional presence to improve the responsiveness and quality of support for infrastructure initiatives.

Uzbekistan reaffirmed its commitment to AIIB’s “Infrastructure for Tomorrow” mission, while the bank said the updated MYRP and PPSF agreements would provide a framework for continued preparation and financing of sustainable infrastructure projects aligned with the country’s development priorities.