“UZBEKISTAN IS NO LONGER A PROMISE, BUT A PLATFORM FOR ACTION AND RESULTS.”

SINCE JULY 2023, WHAT ACHIEVEMENTS IN ADB'S UZBEKISTAN PROGRAM STAND OUT?

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A defining feature of this period has been the scale and pace at which ADB's partnership with Uzbekistan has deepened. Since mid 2023, the program has moved beyond individual projects toward integrated, system level transformation aligned with the government's long term vision. First, the expansion of the portfolio itself reflects mutual confidence and delivery capacity. Growing from US$ 11.5 billion to over US$ 15.5 billion in cumulative commitments, across 267 operations, signals not only increased financing but broader engagement across sectors critical to Uzbekistan's economic transition. The record US$ 1.4 billion approved in 2025 underscores the government's readiness to implement ambitious reforms at scale.

Second, there has been a clear shift toward transformational investments that strengthen resilience and sustainability. The Climate Smart Water Management Improvement Project illustrates this evolution, moving from traditional infrastructure support to digitally enabled, system-wide solutions that improve service delivery, resource efficiency, and climate adaptation. These interventions help modernize public utilities while addressing long-term vulnerabilities in water and energy.

Third, support for structural reforms has gained depth and coherence. Through programs in energy, financial sector development, and public sector management, ADB has helped create a more enabling environment for private investment and economic diversification. The focus has been on linking policy reforms with investment pipelines, so reforms translate into bankable opportunities.

Fourth, private sector engagement has become more prominent. From expanding access to finance to strengthening value chains in agriculture and supporting energy reforms, ADB is helping crowd in private capital and build market confidence as Uzbekistan becomes more competitive and open.

Finally, the alignment of ADB's Country Partnership Strategy with the Uzbekistan 2030 vision has been a significant achievement. The three pillar approach, supporting a green and inclusive economy, enhancing private sector competitiveness, and investing in human capital, provides a clear framework to translate national goals into concrete results.

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HOW WILL THE CLIMATE-SMART WATER MANAGEMENT PROJECT RESHAPE UZBEKISTAN'S WATER SECURITY?

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Over the next five years, these interventions will modernize how Uzbekistan manages its water systems, shifting from fragmented, reactive operations to integrated, data driven management. Through smart metering, telemetry, and digital utility platforms covering around 4 million connections, Uzsuvtaminot will gain real time visibility over water flows, losses, and consumption patterns, improving efficiency, service delivery, and financial sustainability.

The combination of digital infrastructure and ADB's Glaciers to Farms regional programme will enable more proactive, climate informed decision making. By linking local utility data with broader hydrological and climate insights, the system will be better equipped to anticipate droughts, manage seasonal variability, and optimize allocation across competing uses, particularly in agriculture.

This marks a shift toward systemic adaptation, where water security is addressed as part of a broader nexus with climate, energy, and food systems. By strengthening institutions, introducing modern technologies, and fostering regional cooperation, Uzbekistan is building a resilient water security architecture that can support sustainable growth under climate pressure.

HOW DOES THE COUNTRY PARTNERSHIP STRATEGY TRANSLATE UZBEKISTAN 2030 INTO BANKABLE PROJECTS?

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The Country Partnership Strategy translates Uzbekistan 2030 ambitions into bankable projects by combining policy reform, institutional strengthening, and targeted investments under three reinforcing pillars. In the green economy, this means moving beyond standalone infrastructure toward integrated solutions, including renewable energy expansion, energy efficiency, and climate resilient water systems, designed to attract co financing and private participation. By embedding climate priorities into project design, ADB helps convert sustainability goals into investable pipelines.

Under the private sector competitiveness pillar, the focus is on creating an environment where reforms translate into tangible investment opportunities. This includes financial sector development, improved regulatory frameworks, and sector programs that reduce risks and open space for private capital. By linking policy-based lending with project development, the strategy ensures reforms are not only adopted but implemented through commercially viable operations.

In human capital, the Strategy prioritizes investments that strengthen the foundations of inclusive growth, education, skills development, and social services, while enhancing institutional capacity. These interventions are results-oriented and scalable, so improvements in service delivery can be sustained over time. Together, the three pillars connect national goals with practical, investment-ready solutions.

WHAT OUTCOMES WILL DEFINE SUCCESS OF THE US$ 12.5 BILLION PARTNERSHIP BY 2028?

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By 2028, success will be defined first by the extent to which this partnership translates into large scale investments that accelerate Uzbekistan's structural transformation. The US$ 12.5 billion programme is not only about volume, it is about building a robust pipeline of bankable projects across energy, infrastructure, and industry that can mobilize co financing and private capital, particularly in renewable energy and modern infrastructure.

Second, progress will be measured by how effectively Uzbekistan positions itself as a regional hub within emerging value chains. The Pan Asia Power Grid and the Critical Minerals to Manufacturing Facility create opportunities to move up the value chain, from resource potential to processing, manufacturing, and export integration. Success will be evident if Uzbekistan strengthens cross border connectivity, expands clean energy trade, and anchors new industries linked to critical minerals and green technologies.

Finally, an important benchmark will be the depth of reforms and institutional capacity underpinning these investments. Sustainable outcomes will depend on continued progress in strengthening regulatory frameworks, improving sector governance, and enabling private sector participation at scale. By 2028, success would mean a more resilient, competitive, and regionally connected economy that can sustain growth and contribute meaningfully to Asia's energy transition.

HOW IS ADB UNLOCKING PRIVATE CAPITAL ACROSS UZBEKISTAN'S ECONOMY?

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ADB is unlocking private capital in Uzbekistan by systematically reducing risks and strengthening the investment environment, linking policy reform with project development. Through programs such as the Inclusive Finance Sector Development Program and the Power Sector Reform Program, ADB supports regulatory improvements, financial sector deepening, and tariff and governance reforms essential for investor confidence. This creates a predictable, transparent, and bankable environment where private investors can engage at scale.

ADB is also building pipelines of investable projects across sectors. In energy, reforms are paired with investments in renewable generation and grid modernization, enabling independent power producers to enter the market. In agriculture, the Horticulture Value Chain projects help structure commercially viable opportunities, from production to processing and export, while improving access to finance for agribusinesses. Reforms therefore translate into investment opportunities rather than remaining at the policy level.

ADB is playing a catalytic role in mobilizing capital by blending its own financing with co financing and private sector participation. Through instruments such as guarantees, policy-based lending, and transaction advisory, ADB helps de-risk projects and crowd in domestic and international investors. The objective is to move from a public-sector-led model to a more balanced growth path where private capital becomes a key driver of Uzbekistan's transformation.

WHAT MESSAGE WOULD YOU CARRY TO INTERNATIONAL INVESTORS?

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At this moment, Uzbekistan is not just reforming, it is repositioning itself as a serious, long-term investment destination at the heart of a rapidly integrating region. For investors, the message is this: the fundamentals are aligning in a way that is both rare and time-bound. Strong political commitment to reform, a clear national trajectory under Uzbekistan 2030, and substantial backing from partners like ADB are converging to translate ambition into bankable opportunities.

This is not a story of isolated projects, but of systemic transformation across energy, water, transport, private sector development, and human capital. ADB's role helps de-risk this transition, blending sovereign financing, policy reform support, and private sector mobilization to create a more investable environment. From green energy corridors and water security systems to value chains and financial sector deepening, the pipeline is both diversified and scalable.

For investors in emerging markets, the opportunity is to engage early, when reforms are actively shaping markets, not only reflecting them. Uzbekistan today offers that entry point: no longer a promise, but a platform for action and results, with the window to participate now open.