Saudi Arabia and Uzbekistan signed agreements to the tune of USD 12 bn that will see the Kingdom roll out substantial investments in Uzbekistan, including in transport infrastructure, Uzbekistan’s News Agency (UzA) reported on Monday. The exact proportion of investments slated for boosting Uzbekistan’s infrastructure was not disclosed.

Information is scant: The two countries agreed to promote new projects and programs in transport infrastructure and other sectors. It’s unclear what promote means or whether Uzbekistan has the institutional capacity to organize an effort of that size.

Where the funds are coming from: A joint fund to scale-up Uzbekistan’s economy is in the works, UzA reported. The Saudi Fund for Development (SFD) is also weighing in by backing projects in healthcare, water supply and education and others.

KSA has had rising appetite for Uzbekistan for a while now: Trade turnover and inbound Saudi FDI has been on the rise, mainly in green energy, Uzbekistan President Shavkat Mirziyoyev noted.

OTHER DIPLOMACY NEWS-

UAE + Pakistan have also inked a number of multi-bn USD agreements: Pakistan's Prime Minister Anwaar ul Haq Kakar met with UAE’s President Sheikh Mohamed bin Zayed in Abu Dhabi, where the pair witnessed the signing of a slew of MoUs on investments, including in logistics and port operations, according to a statement from the Prime Minister’s office. The signed MOUs will grant Pakistan access to multi-bn USDs in investments, the statement said.

Kuwait and San Marino’s civil aviation authorities agreed on terms for a formal agreement to regulate bilateral air operations and boost cooperation in civil aviation, Kuwait News Agency (KUNA) reports. The two countries also inked an MoU regulating shared operating rules and transport rights. The frameworks are expected to boost Kuwait’s air connectivity, an official said.

ALSO WORTH KNOWING-

  • Iraqi Trade Minister Atheer Daoud Al Ghurairy met with Iranian Minister of Information and Communications Technology Issa Zarepour to explore boosting ties in e-commerce and a joint digital economy freezone. (Mehr)
Tags: