Hong Kong banks to invest in $2.2 billion Tashkent–Samarkand toll road

Transport and logistics as well as investment ties between Uzbekistan and the Hong Kong Special Administrative Region of the People's Republic of China are reaching a new level. According to the press service of the Ministry of Transport, Minister Ilhom Mahkamov held important negotiations with Nicholas Ho Lik-chi, Head of the Office of the Government of the Hong Kong Special Administrative Region for the Belt and Road.

The central topic of the meeting was the financing of the construction of the Tashkent–Samarkand toll motorway — one of Uzbekistan's largest infrastructure projects. The Hong Kong side stated that this initiative is of priority importance to them.

$2.2 billion megaproject: Investment and construction stages

This strategic road, the construction of which was officially launched on August 22, will be implemented in two stages:

• Construction by COVEC: China's renowned China Overseas Engineering Group (COVEC) will fully construct the new highway and commission it in 2030;

• Operator and toll system: Once the road is fully completed, a separate operating company will be selected, and the highway will be transferred to a toll road system;

• Contribution of Hong Kong banks: Leading financial institutions and banks of Hong Kong are planned to be actively involved in this major project with a total value of $2.2 billion.

Direct flights to Hong Kong and intergovernmental agreement

During the negotiations, not only the highway but also issues related to the development of air travel were agreed upon:

• Intergovernmental agreement on air traffic: The parties are preparing to sign an important agreement on air traffic between Uzbekistan and Hong Kong;

• Regular flights: Direct regular flights are expected to be launched in order to expand bilateral tourism and business ties;

• Continuation of cooperation: The agreements reached during the visit of the Uzbek delegation led by Prime Minister Abdulla Aripov to Hong Kong in May of this year are being put into practical implementation.