The Second AlUla Conference on Emerging Market Economies, a high-level annual economic conference that brought together finance ministers and central bank governors, policymakers, leaders of international organizations, top global investors, renowned academics, and the media, saw the signing of financing agreements between Islamic Development Bank Group (IsDB) President Muhammad Al-Jasser and Uzbekistan’s Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov, to support key infrastructure and social development projects.
The two sides also held talks to expand cooperation between the IsDB and Uzbekistan, focusing on accelerating high-impact initiatives aligned with the Central Asian country’s national development priorities.
Talking about the agreements, the first one covers a USD 70 million phase of the IsDB’s total USD 192 million commitment to rehabilitate the 4R40 Dashtabad–Zaamin–Bakhmal–Galyaaral road. The financing will support the reconstruction of 143 km of the regional highway, apart from backing the rehabilitation of 30 km of local and rural roads in Jizzakh Region.
“The project aims to ease traffic congestion, improve road safety for more than 200,000 people, enhance access to markets and social services, and boost economic and tourism potential,” reported the Saudi Press Agency (SPA).
The second agreement formalises a USD 94.06 million phase of the IsDB’s total contribution of USD 160.25 million to the SmartEd project. The initiative also includes the construction and equipping of 58 new educational institutions, along with the addition of 2,431 classrooms to existing schools across Uzbekistan.
The arrangement also seeks to establish a comprehensive competency-based education system benefiting approximately 72,930 students annually, while providing specialised training for more than 36,115 teachers and administrative staff. Al-Jasser further reaffirmed the IsDB’s commitment to supporting Uzbekistan’s development through results-focused cooperation.
“Kuchkarov welcomed the continued partnership, highlighting the importance of sustained investment in connectivity and human capital to ensure long-term, resilient growth,” the IsDB press release added.
In December 2025, the IsDB approved a new package of projects totalling approximately USD 1.36 billion to support 12 member countries, including Uzbekistan. The Islamic development finance institution further allocated a total financing of USD 110 million for photovoltaic solar and battery storage projects at the Samarkand I and Samarkand II facilities, enhancing the capacities of the national grid.