Uzbekistan to take part in Annual Meeting of AIIB Board of Governors

Tashkent, July 8, 2019. /Kabar/. The delegation of Uzbekistan headed by Minister of Investment and Foreign Trade (MIFT) Sardor Umurzakov will take part in the regular Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) to be held on 11-13 July 2019 in Luxembourg, the press service of the MIFT of Uzbekistan reported.

Within the framework of the meeting, the sides will discuss the aspects of expanding international cooperation, aimed at strengthening macroeconomic stability, building a system of sustainable financing of infrastructure projects, as well as current challenges and tasks facing member states in the context of comprehensive development.

The key topics for discussion will also be the interconnectedness and integration of Europe and Asia through inter-country infrastructure investments and the construction of global value chains. The forum is also expected to feature the participation of the AIIB Managers from Italy, China and Pakistan, as well as the bank's management.

As part of the event it is planned to hold a separate plenary session on Uzbekistan, revealing the investment attractiveness of the country in terms of implementing projects on infrastructure development and improving the quality of life of the population and reflecting the real picture of changes and reforms in the economic situation in the country.

Bilateral meetings of Uzbekistan's delegation with representatives of member states are envisaged on the margins of the forum to exchange experience and vision of successful interaction with the bank and to discuss the possibilities of inter-country cooperation in the implementation of joint initiatives.

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 70 members as well as 27 prospective members from around the world. The bank started operation after the agreement entered into force on Dec. 25, 2015, after ratifications were received from 10 member states. The authorized capital of the bank is $100 billion. The largest shareholders are China (26.06%), India (7.5%) and Russia (6.54%).

Uzbekistan has been a member of the AIIB since its establishment in October 2014.

The Board of Governors consists of one Governor and one Alternate Governor appointed by each member country. Governors and Alternate Governors serve at the pleasure of the appointing member.