Uzbekistan: Second Uzbekistan Green and Resilient Market Economy Climate Policy-Based Financing (AIIB-001146)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Uzbekistan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 1, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Uzbekistan
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Energy
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 1,050.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ AIIB website

Updated in EWS Jul 9, 2026

Disclosed by Bank May 6, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the AIIB, the objective of this investment is to support Uzbekistan's green transition by advancing energy market, pricing, and institutional reforms to improve efficiency and enable climate-resilient and low-carbon infrastructure investment and private capital participation.

The Second Uzbekistan Green and Resilient Market Economy Climate Policy-Based Financing Program continues to support the government's climate-focused policy, institutional, and regulatory reforms by advancing measures in the energy and state-owned enterprise (SOE) sectors to improve energy efficiency, increase renewable energy investments and scale up emission reductions through a combination of carbon pricing and targeted financial incentives.

The Program aligns with Uzbekistan's 2030 national development strategy, adopted in 2023, which prioritizes transitioning to a green economy through the increased use of renewable energy and improved energy efficiency. The transition to low-carbon, resource-efficient, resilient and socially and environmentally sustainable economic growth is central to Uzbekistan's development agenda, as outlined in its "Strategy for Transition to a Green Economy for the Period 2019-2030" (hereinafter referred to as the "Green Economy Strategy") and supports the government's ambitious climate targets in its updated Nationally Determined Contributions (NDC 3.0).

The Ministry of Economy and Finance (MOEF) will continue to serve as the main implementing agency and will coordinate with other government agencies to execute the Program. These include the Ministry of Energy, State Assets Management Agency, National Energy Efficiency Agency, and Ministry of Ecology, Environmental Protection and Climate Change.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

According to the AIIB, the World Bank is co-financing the project with a US$ 800 million investment.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

AIIB Team Leader:

Emil Zalinyan - Senior Investment Officer
Email: emil.zalinyan@aiib.org

World Bank Team Leader:

Pinar Yasar - Senior Economist
Email: pyasar@worldbank.org

Borrower - Government of Uzbekistan:

Jamshid Kuchkarov - Deputy Prime Minister, Minister of Economy and Finance of the Republic of Uzbekistan
Email: info@mf.uz

Implementing Agency - Ministry of Economy and Finance of the Republic of Uzbekistan:

Jamshid Kuchkarov - Deputy Prime Minister, Minister of Economy and Finance of the Republic of Uzbekistan
Email: info@mf.uz

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html

How it works

How it works