AIIB Watch Cases

Status: Approved
Timeframe: 2024
Area: Uzbekistan
AIIB Investment Amount: 30 million USD (in CNY)
Total Project Cost: 30 million USD
Co-financier:  -

E&S Category: FI

Project details: The project aims to support climate change mitigation in Uzbekistan by financing energy efficiency and renewable energy sub-projects, including rooftop solar installations. It involves a USD 30 million five-year, senior unsecured loan to Asakabank, denominated in CNY (approximately CNY 215 million). The loan proceeds will be on-lent to eligible subprojects focused on energy efficiency and renewable energy initiatives.

 

Project Concerns: Due to the projects categorization as FI the decision-making lays with Asakabank, raising concerns about transparency. The specific subprojects to be financed are unclear, as only unspecified conditions and AIIB's ESP requirements must be met. Relying on Asakabank’s Environmental and Social Management System (ESMS) for compliance with AIIB’s policies adds to the uncertainty regarding environmental and social impacts.

Further information: AIIB Page

Last update: 19.06.2024