Three projects backed by the Asian Infrastructure Investment Bank (AIIB) were recognized at the Global Banking & Markets (GBM) Awards, Türkiye & Central Asia 2025, held in Istanbul. The accolades highlight AIIB’s expanding role in promoting commercially structured, investment-ready infrastructure projects in the region, a trend that is increasingly relevant for rapidly developing markets such as Uzbekistan.
At the awards ceremony, the Antalya Airport Expansion (Aspendos) received the Transport Finance Deal of the Year award. The Nakkaş-Başakşehir Motorway was named Infrastructure Finance Deal of the Year, and Ronesans Holding’s debut $350 million Eurobond received the Blended Finance Deal of the Year award.
Industry experts note that these projects reflect a broader shift toward blended finance and co-financing mechanisms in Turkey and Central Asia. These approaches are becoming increasingly important for Uzbekistan as it scales up infrastructure development and aligns new projects with international best practices.
Uzbekistan is now one of AIIB’s fastest-growing markets, with investments spanning energy, transport, digital infrastructure, and regional connectivity. The country’s recent rise into AIIB’s top ten borrowers reflects both its need for stable long-term financing and its intent to structure major infrastructure initiatives according to global standards.
Igor Popkov, Senior Investment Officer and Project Team Lead for the Antalya Airport project, said the awarded deals show how complex infrastructure financing is evolving. He noted that Türkiye remains AIIB’s second-largest borrower, with $6 billion in approved projects, while Uzbekistan is “rapidly climbing” the ranks. Development finance institutions, he added, continue to play a crucial role in making large-scale projects bankable and aligned with international norms.
Observers also pointed to the growing use of instruments such as A/B loan structures, guarantees, and long-term project financing in Uzbekistan, where multiple AIIB-supported projects are under preparation or implementation.
The GBM recognition follows the signing of a $500 million financing agreement between AIIB and the Government of Uzbekistan on November 28 to support the country’s Green and Resilient Market Economy Program. The initiative aims to help Uzbekistan transition to a more sustainable and climate-resilient economic model.
