The Asian Development Bank is lending USD75.3 million to Uzbekistan so the country can upgrade a highway that is a vital part of the Silk Road corridor in Central Asia. The decision followed an agreement by eight countries – Afghanistan, Azerbaijan, China, Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan and Uzbekistan – to spend USD18 billion to improve the transport system in the region, thereby boosting trade between Europe and Asia. “Upgrading the road will cut travel times and reduce transport costs. This highway is essential for enhancing regional integration and economic growth in Central Asia,” remarked ADB transport economist Olly Norojono. The loan, according to the ADB, will finance activities aimed at strengthening institutions in the road sector.
Source: ADB funds upgrade of key Silk Road highway in Uzbekistan (Xinhua)