Tashkent, Uzbekistan, 27 April 2023 - On the sidelines of the Tashkent International Investment Forum, Islamic Development Bank (IsDB) President and Group Chairman, H.E. Dr. Muhammad Al Jasser, held bilateral talks with the President of the Republic of Uzbekistan, H.E. Shavkat Mirziyoyev.

During the meeting, Dr. Al Jasser expressed his satisfaction with the frequent meetings between the IsDB Group and Uzbekistan which have enhanced the ongoing bilateral cooperation.

The IsDB President noted that cooperation between the IsDB Group and Uzbekistan has been growing, with IsDB Group approvals for Uzbekistan exceeding US$ 3.46 billion since the country joined IsDB in 2003. The IsDB has processed sizeable projects amounting to nearly US$0.5 billion submitted by the Government of Uzbekistan in 2022. In particular, the Bank approved the reconstruction and upgrading of road M-39 project, an integrated rural development project, and enhancing access to quality early childhood education projects. In addition, the Bank approved the PPP Combined Cycle Gas Turbine Project, in September 2022.

Furthermore, the government of Uzbekistan has nominated the Bank as the grant agent for the GPE Grant to finance the education development project for around US$200 million, and the Bank is keen to work with the government to process the project in 2023. The IsDB also expressed its keenness to continue to support the development of Islamic finance, with three ongoing technical assistance projects on promoting Islamic capital market regulations, a framework on Islamic Banking, Awqaf development, and Green Sukuk in the country.

The two leaders also exchanged notes on ways to improve portfolio implementation and timely completion of various projects for the benefit of the people of Uzbekistan.

IsDB President, Dr. Al Jasser, also encouraged more co-financiers to be involved in financing large projects to enable them to leverage their financing and increase impact. In this respect, he noted that President Mirziyoyev's request to organize the ACG Donors Roundtable in Tashkent is a good step, and the Bank plans to participate in this roundtable.

On regional integration, H.E. Dr. Al Jasser informed H.E. President Mirziyoyev that the Bank is developing a Regional Central Asia Connectivity program in partnership with AIIB, focusing on improving intra- and inter-regional connectivity. The IsDB, jointly with AIIB and MCDF, conducted the regional workshop in Almaty, 30-31 March 2023, and agreed on the way forward for the program.