CAREC Institute and IsDB Advance Renewable Energy Investment in Uzbekistan

The CAREC Institute (CI), in collaboration with the Islamic Development Bank (IsDB), concluded a mission to Uzbekistan from April 17–18 in Tashkent to promote renewable energy (RE) investment and strengthen institutional frameworks. Led by Dr. Asif Razzaq, Senior Research Specialist at CI, and joined by Mr. Kadir Bashboga and Mr. Muhammad Ahmed Bukhari from IsDB, the delegation held productive meetings with key government institutions overseeing investment, finance, trade, public-private partnerships, and international cooperation.

Discussions focused on building an enabling environment for RE investment, with particular emphasis on linking medium-sized foreign enterprises with local small and medium-sized enterprises. The mission also explored ways to get more private sector involvement in RE — like off-grid solar, small hydro, biomass, and geothermal.

Participants highlighted the need to diversify Uzbekistan’s energy mix and make it easier to access international funding. Local stakeholders expressed strong support for these efforts and emphasized the need to strengthen institutional capacity. Key priorities identified include creating a clear RE investment guide and linking the investment agency’s platform with the Single Window system to streamline investor engagement.

The delegation also discussed the potential for showcasing the initiative at the 2026 Tashkent International Investment Forum, reinforcing Uzbekistan’s commitment to green growth and international investment cooperation.

As a next step, CI will develop a Project Concept Note based on the outcomes of the mission and stakeholder inputs. A capacity assessment of the national investment promotion agency will be conducted to guide tailored support. CI will also integrate findings from its ongoing research on green finance instruments to enrich the scope and depth of the proposed program. The IsDB will coordinate its contributions with a complementary project it supports through the United Nations Economic and Social Commission for Asia and the Pacific, focused on trade and investment promotion.

The CAREC Institute will act as the executing agency for the initiative, with IsDB providing technical and strategic support. Dr. Razzaq will lead the design and implementation of the project in collaboration with national and regional stakeholders. Both institutions reiterated their commitment to supporting Uzbekistan’s RE goals and fostering stronger regional collaboration across Central Asia.

This joint effort highlights a shared vision for resilient, inclusive, and sustainable economic development, underpinned by innovative financing and cross-border partnerships.