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NEWS

Uzbekistan may draw ADB loan

www.azernews.az
7 February 2016

The Uzbek government plans to attract a loan of $405 million from the Asian Development Bank (ADB) in 2016 to complete construction of a road corridor linking Central Asian countries with Russia and China, a representative of the Uzbek economy ministry told Trend.

The ministry’s representative said the new highway with a short access to Russia and Eastern European countries via the Osh-Kashgar highway will be connected to another high-speed highway, which is being constructed in China along the route of the “Silk Road”.

“The highway lending package was previously agreed with the ADB management, and it will be included in the program of financial cooperation between Uzbekistan and ADB for the next three years,” said the ministry’s representative.

It is expected that the loan will be allocated in several tranches between 2016 and 2018.

To date, ADB has provided Uzbekistan with $1.1 billion for the construction of the road corridor. The funds were allocated for the reconstruction of individual sections of the Guzar-Bukhara-Nukus-Beynau (A-380) and Tashkent-Andijan (A-373) roads, with a total length of 450 kilometers.

Uzbekistan became ADB member in 1995. Currently, Uzbekistan is the largest recipient of loans from this financial institution in Central Asia: ADB has allocated over $5 billion for implementation of 54 investment projects and grants worth nearly $62 million within the framework of technical assistance.