The European Bank for Reconstruction and Development (EBRD) and the Beijing-based Asian Infrastructure Investment Bank (AIIB) will allocate $55 million ($27.5 million each) to the upgrade of a key section of the motorway connecting Dushanbe (Tajikistan) with Uzbekistan, the EBRD reported on June 24.
The project will become the first joint EBRD-AIIB investment. The project will also be the first signing for the newly established AIIB and take place during the multilateral development bank’s first annual meeting in Beijing.
The AIIB was inaugurated in January this year. In the same month, China became an EBRD shareholder country.
The road, for which the EBRD had also approved separate financing of $35 million in 2015, is part of the Pamir Highway and trans-continental highway networks.
Providing a direct connection between Tajikistan and Uzbekistan, as well as Afghanistan, Kazakhstan, the Kyrgyzstan and Turkmenistan, it is one of the most important international roads still requiring urgent reconstruction, the EBRD’s report said.