On September 25 this year, the 8th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank began its work in the Egyptian city of Sharm el-Sheikh, which this year is held under the general theme "Sustainable Development in a Complex World".

In accordance with the meeting agenda, the sessions on "Role of International Financial Institutions in Overcoming Investment Shortage in Infrastructure Sector" and "Water and Energy Challenge of Central Asia: Formation of Sustainable Development in Uzbekistan" were held on September 25-26.

In addition, a business session of the Bank's Governors was held, during which Laziz Kudratov, Minister of Investment, Industry and Trade, the Governor of the AIIB from the Republic of Uzbekistan, thoroughly familiarized the participants with the comfortable conditions for investment and business activities created in Uzbekistan, introduced benefits and preferences, as well as guarantees of investors' rights in our country fixed at the constitutional level.

At the same time, a number of constructive proposals were raised for further expansion of cooperation, namely: increasing the volume of non-sovereign financing of projects, expanding partnership in the field of education and human capital development, including youth, as well as financing projects to create international transport corridors passing through Uzbekistan.

One of the main events of the meeting was the adoption of the resolution of the AIIB Board of Governors on the approval of the Republic of Uzbekistan's proposal to hold the Bank's next annual meeting in Samarkand on September 25-26, 2024.

Following the results of election, Governor from the Republic of Uzbekistan Laziz Kudratov was elected as the Chairman of the Board of Governors of the AIIB.

AIIB President Jin Liqun noted: "I am sincerely glad that the Bank's Board has decided to hold the next annual meeting of the Bank in Samarkand. Uzbekistan has a wealth of experience in holding such events on an international scale, and I am sure that our event will be held at the highest level."

Within the framework of the event, the work of the national stand of Uzbekistan was organized, clearly demonstrating the investment and tourism potential of the country.

On the sidelines of the event, Minister Laziz Kudratov held a meeting with the leadership of the Asian Infrastructure Investment Bank.

The parties noted with satisfaction the positive growth dynamics in the AIIB's current investment portfolio in Uzbekistan, which includes 13 projects totaling more than $2.4 billion in such areas as energy, infrastructure development, transport and medicine.

The Bank's management highly appreciated the administrative reforms under implementation in Uzbekistan and assured of the AIIB's readiness to continue working to further expand the scope of cooperation with our country. In this context, the progressive growth of project financing without a state guarantee will be emphasized.

For reference: Since March 2023, the Bank has approved 3 credit lines without a state guarantee in the amount of $415 million as part of the implementation of projects in the energy sector.

Following the talks, the parties agreed to continue active cooperation aimed at the qualitative implementation of current joint projects and the development of new areas of cooperation.