EIB Commits Millions to Sustainable Development in Central Asia
(MENAFN) The European Investment Bank (EIB) signed four memorandums of understanding (MoUs) on Friday at the inaugural EU-Central Asia Summit, pledging a total of EURO365 million (about USD400 million) to support sustainable transportation, water management, and climate resilience projects in Kyrgyzstan, Tajikistan, and Uzbekistan.
These agreements, which took place in Samarkand, Uzbekistan, are designed to mobilize up to EURO1 billion in investments, in line with the European Union’s Global Gateway strategy.
These agreements aim to contribute to the development of infrastructure, the protection of the environment, and the promotion of private sector growth throughout the region. The allocated funds will be used across various projects with significant long-term benefits.
Specifically, Kyrgyzstan will receive EURO50 million through the State Development Bank to support infrastructure development. Tajikistan is set to receive EURO100 million to enhance sustainable transportation along the Trans-Caspian Corridor.
Uzbekistan will benefit from a EURO175 million investment in water management projects, including initiatives to address challenges in the Aral Sea, in collaboration with the French Development Agency.
Furthermore, EURO40 million will be directed toward supporting small-scale transport projects through Uzbekistan’s Microcreditbank.
The EIB also inked a Host Country Agreement to establish a regional office in Uzbekistan, further enhancing its presence in Central Asia.
Furthermore, discussions have started with Turkmenistan to negotiate a framework agreement that would facilitate future EIB operations in the country.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
