lslamic Development Bank commits $164 mln for infrastructure and education projects in Uzbekistan
TASHKENT. Feb 10 (Interfax) - The Islamic Development Bank (IsDB) has committed $164 million for transport infrastructure and education projects in Uzbekistan, the IsDB said in a press release.
IsDB President Muhammad Al Jasser and Uzbek Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov signed the relevant agreements on the sidelines of the second AlUla Conference for Emerging Market Economies in Saudi Arabia.
Under the first agreement, the IsDB will provide $70 million to rehabilitate 143 kilometers of regional roads in the Jizzakh region in western Uzbekistan, as well as 30 kilometers of local and rural roads. The funding forms part of the bank's total commitment of $192 million to the project.
The project aims to ease traffic congestion and improve road safety for around 200,000 residents. The modernization of this key access route to the M39 international transport corridor is expected to improve access to markets and social services, while also unlocking the region's economic and tourism potential.
The second agreement provides $94.06 million in financing for the SmartEd education project, representing part of the IsDB's total contribution of $160.25 million to the initiative. As part of the project, 58 new educational institutions will be built nationwide, while more than 2,000 modern classrooms will be established within existing schools.
Uzbek President Shavkat Mirziyoyev, at a meeting with Al Jasser in September last year, called for a long-term program for Uzbekistan's strategic partnership with IsDB, including steps to double the portfolio of projects and increase financing for projects in infrastructure, social issues and the private sector. Al Jasser reaffirmed the bank's readiness to comprehensively support the objective of further reducing poverty in Uzbekistan.
Uzbekistan and IsDB are jointly implementing projects worth over $5 billion in transport, infrastructure, housing construction, the energy sector, healthcare, and education. The private sector accounts for more than 40% of the total investment.
