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AIIB to support road infrastructure modernization in Uzbekistan's Bukhara region
The Asian Infrastructure Investment Bank's (AIIB) has approved a loan of $165.5 million to Uzbekistan to improve the road efficiency, safety and climate resilience of major cross-border roads in the country's Bukhara region, Trend reports with reference to AIIB.
"The country's road network plays an important role in transporting goods and passengers in Central Asia. However, road infrastructure in Uzbekistan is faced with insufficient investments needed to upgrade infrastructure to sustain growing traffic demand. The Government of Uzbekistan has identified the modernization of road transport as a priority development area. It is securing funds to fill the financing gap to support road construction and improvement," the report said.
To address this financing need, the Bukhara Road Network Improvement Project Phase 1 will support the rehabilitation and maintenance of a 78-kilometer section of the international road A380 in the Bukhara region. The project is expected to directly benefit about 247,000 people who reside in the area by reducing fuel and vehicle maintenance costs, enhancing road safety and saving travel time.
As a key international freight corridor, the road's expected improved operational efficiency would enhance movement of international freight and facilitate trading activities, resulting in wider benefits for agricultural and industrial sectors in the Bukhara Region.
The financing will also pave the way for the next phase of the project, which covers rehabilitation and maintenance of international road M37 sections in and around the Bukhara region, as well as regional/local road networks in Uzbekistan's Karakalpakstan Autonomous Republic and Khorezm regions.
In addition to improving road efficiency and safety, the project is expected to enhance resilience to the negative impacts of climate change by strengthening road topographical and hydrological design in response to multiple climate scenarios.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia.