Your Excellency Shavkat Mirziyoyev, President of the Republic of Uzbekistan,
Distinguished Governors of the Asian Infrastructure Investment Bank, Honored Guests,
Ladies and Gentlemen:
Assalomu alaykum.
It is my great honor to welcome you all to the Ninth Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank. On behalf of AIIB, I extend my deepest appreciation to the Republic of Uzbekistan for the gracious hospitality shown to the delegations for this Annual Meeting, the first in Central Asia.
Your Excellency President Mirziyoyev, it is with the greatest of pleasure that AIIB has invited its Members to Uzbekistan to witness the accelerating prosperity that is gaining increasing momentum under your visionary leadership and ambitious reform agenda. Your historic visit to AIIB’s Headquarters in January this year was most significant for our bilateral relationship. With your Government’s ambitious program of nation building projects such as New Tashkent, major investments in transport, social infrastructure like hospitals and schools, and boundless potential in renewable energy, I look forward to AIIB doubling or even tripling its investment in Uzbekistan over the next 5 to 10 years.
Distinguished Governors, we meet today at a storied center of cultural, economic and intellectual exchange. Standing at the crossroads of ancient trade routes, Samarkand’s rising prosperity began with the emergence of the Silk Road which wove across continents, tying Eurasia ever-tighter together.
With free trade and cross border investment came a steady flow of new wealth, new ideas and new technology – stimulating scientific understanding of the world as it was then known. Underpinning this flourishing prosperity was connectivity: not just physical but, more importantly, intellectual and societal.
Well-known are the underground ‘karez’ wells which nourished life in this dry climate, and the caravanserai that provided haven for intellectual exchange between travelers beyond commercial and business interests. Along these ancient arteries of infrastructure an intellectual lifeblood pulsed, circulating between nations of this region and spilling over into the wider world.
It was only several hours from here that the father of algebra,
Al-Khwarizmi, was born around 780. His ideas and writings spread to nations along the Silk Road, profoundly influencing the advance of mathematics in Europe. Indeed, his Latin name of Algoritmi is the root word for ‘algorithms’, the computations which energize today’s digital economy.
Ladies and Gentlemen, the ancient Silk Road serves as an inspiration to us all. Such great intellectual achievements remind us that humanity is most productive, most innovative, and most prosperous when human minds meet and mingle. When people come into contact with each other, brilliant ideas sparkle.
AIIB’s investments intend to bring regions together to ensure that global trade, technology and capital flows will continue without disruption. This helps us push the boundaries of human potential to still further distant areas. In an era of creeping geo-fragmentation, escalating climate chaos, and a hold-up in development, investing in infrastructure that connects Asia with the rest of the world is more important than ever.
Since its inception nine years ago, AIIB has resolutely supported members amidst the rough-and-tumble of global events. Over this period, AIIB has approved financing to the tune of USD54.7 billion for 285 projects across 37 members. The development outcomes are multifold, and astounding. Our projects have connected people, 710 million strong, to urban mass transport and upgraded over 49,000 kilometers of transportation infrastructure. Thanks to our projects, there are 8.7 million people who now have access to safe drinking water. Less visibly but no less important, 22.8 million tons of CO2 emissions have been quietly averted annually.
AIIB’s financing growth has been remarkable by historical standards. This is a great credit to the guidance to the Board of Governors and the Board of Directors. It is also a credit to the Bank’s management and staff, who deserve to be fully recognized and appreciated. Let us give them a big round of applause.
AIIB’s funding position continues to be firmly based on triple-A ratings by all three major credit rating agencies. This year to date, the Bank has successfully issued bonds equivalent to USD 9 billion and AIIB bonds trade in line with MDB peers. Since 2022, the Bank’s administrative expenses have been fully covered by operating income. The Bank’s financial discipline strengthens its enduring ability to grow financial support for Members over time, complementing other measures under consideration from the MDB CAF review.
Distinguished Governors, AIIB continues to double down on its client centric approach. In June this year, the structure of our investment operations was fine-tuned so as to streamline the Bank’s deployment of technical and financial expertise, and to heighten client relationships with a particular focus for private-sector financing and mobilization.
AIIB has remained laser focused on developing financial tools which help members withstand shocks and enhance resilience. In June, Climate Policy-Based Financing (CPBF) was introduced to support Members’ efforts to improve the enabling environment for climate action, helping to mobilize private capital to push for national climate plans. The introduction of CPBF marks a new milestone in the Bank’s journey towards the achievement of the Sustainable Development Goals.
This new initiative underscores our dedication to building resilient infrastructure for all, and our growing role in addressing global challenges. The Bank’s climate financing is expected to exceed 60% of its lending in 2024, well above the target of 50%.
Excellencies: AIIB is truly a 21st century Bank. It is majority-owned by emerging and developing countries, follows the highest governance standards and relations between its governing bodies and clients are based on trust and client-centricity. This Bank is your Bank! AIIB’s most cherished principle is accountability. We in AIIB hold ourselves, each and every one of us, accountable for our decisions and actions. We adhere firmly to our most ardent vow made at the launch of the Bank’s operations that we will consistently live up to the expectations of our shareholders and stakeholders.
Your Excellencies, distinguished guests, ladies and gentlemen: As we convene for our Ninth Annual Meeting, let us remember that we are building a future for generations to come. The theme of this Annual Meeting, "Building Resilient Infrastructure for All," is not just a watchword, a call to action. It is the action! As we gather here along the ancient Silk Road, let us strive together to pave the path for sustainable development, regional and global integration, and prosperity for all.
Thank you very much.
