At the inaugural EU-Central Asia Summit in Samarkand, Uzbekistan last week, European Investment Bank (EIB) Vice-President Kyriacos Kakouris signed four memorandums of understanding with partners in Kyrgyzstan, Tajikistan and Uzbekistan. With these agreements, the EIB will provide €365 million, unlocking up to €1 billion of investment in sustainable transport, water management, and climate resilience projects, the EIB announced.
These agreements are in line with the European Union’s Global Gateway strategy, which aims to enhance private sector development, sustainable transport and logistics infrastructure, water management and environmental sustainability in Central Asia.
Each memorandum of understanding reinforces the European Union’s commitment to economic growth, environmental sustainability and regional cooperation in Central Asia. It establishes a framework for collaboration in critical sectors:
Kyrgyzstan State Development Bank – €50 million to strengthen key infrastructure investments through the National Promotional Bank.
The government of Tajikistan – €100 million to support sustainable transport infrastructure on the Trans-Caspian Transport Corridor.
Uzbekistan Water Implementation Centre – €175 million for water management and environmental sustainability, particularly as part of the Aral Sea Project, in collaboration with the French Development Agency (AFD).
JSCB Microcreditbank, Uzbekistan – €40 million to support private sector development and to enable a local financial institution to finance projects contributing to sustainable transport and logistics connectivity.
EIB Vice-President Kakouris also signed a Host Country Agreement with Uzbekistan, taking the first step to increase the EIB’s presence in the region by setting up an EIB Regional Representation.
Additionally, the EIB announced the opening of negotiations for a framework agreement with Turkmenistan. The successful conclusion of the agreement will constitute the legal basis to start operations in the country.
Kakouris, who oversees the Bank’s operations in Central Asia, emphasized the strategic importance of these agreements: “This summit underscores the European Union and Central Asia’s shared commitment to deepening our mutually beneficial cooperation. As the Bank of the European Union, the EIB will continue to play a pivotal role in strengthening economic ties, promoting sustainability and private sector development, and enhancing infrastructure across Central Asia. These memorandums of understanding will pave the way for future financing in the transport, and water sectors, benefiting both the European Union and Central Asia. Moreover, the signing of a Host Country Agreement with Uzbekistan and the opening of negotiations for a Framework Agreement with Turkmenistan are significant milestones for the European Union’s enhanced presence in the region.”
