$82 Million committed by AIIB for Infrastructure in Rural Uzbekistan

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The Asian Infrastructure Investment Bank (AIIB) has committed USD 82 million to improve the quality of basic infrastructure in hundreds of rural villages in eastern Uzbekistan, the Bank’s first project in the country.

The Prosperous Villages Project, co-financed with the World Bank, will be a community driven project with two key components, the first of which focuses on investing in basic infrastructure and services.

These infrastructure investments will be prioritised and selected by local authorities and community members themselves. Investments will include access to water supply for drinking and irrigation, sanitation services, rural electrification and the rehabilitation of roads and footpaths, among others.

Additionally, Uzbekistan’s Ministry of Economy and Industry and local authorities will also see its project oversight capacity strengthened as funding will be used to ensure monitoring and evaluation, beneficiary assessments, project audits and a project-level grievance redress mechanism.

“We like this project because it actively engages communities in matters that have a direct impact on their day-to-day lives,” said AIIB Vice President and Chief Investment Officer D.J. Pandian.

“Effective community participation in the decision-making process is key in making community infrastructure sustainable.”

This is AIIB’s first investment in Uzbekistan, with the Bank considering financing additional projects to further contribute to the Central Asian country’s infrastructure development.

By

 Business Reporting Desk

Source : Belt & Road News