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EBRD looking for expansion in Uzbekistan

4 January 2020

EBRD looking for expansion in Uzbekistan

4 January 2020 10:22 (UTC+04:00)

By Trend

Following the second office opening in Andijan city of Uzbekistan, the European Bank for Reconstruction and Development (EBRD) is indeed looking at further expansion in the East of the country, representative of EBRD told Trend in an interview.

Recently Trend reported that President of EBRD Suma Chakrabarti is to visit Uzbekistan in the first half of 2020 to discuss the expansion of the bank in the country.

The bank is currently considering opening its representative office in Karakalpakstan next year in addition to the existing EBRD office in Tashkent and another one recently opened in Andijan.

"The President of EBRD Suma Chakrabarti visit is not 100 percent confirmed. As for the strategy, the EBRD approved its country strategy for Uzbekistan in 2018, so we’ll be talking about our new priorities in 2023," the representative stated.

Furthermore, in November 2019 EBRD and Uzbekistan’s Hamkorbank provided a loan of 540,000 euros under the Risk Sharing Program for Uzbekistan’s Tllo Domor cheese producer with subsequent increase of financing for a total of 2 million euros.

Last year, the EBRD Board of Directors approved a new strategy for Uzbekistan, which defines the bank's priorities for the next five years.

Following the adoption of a new country strategy for Uzbekistan, in 2018 the EBRD signed 12 projects worth almost €400 million, a record level of business for the Bank in the country in a single year. Significant investments were made in the municipal and power infrastructure sectors, including the rehabilitation of water and wastewater infrastructure in the Fergana Valley, as well as in banking and industry.

This year, the EBRD has already invested almost €250 million into Uzbekistan's economy.

To date, the EBRD has invested €1.3 billion through 70 projects in economy of Uzbekistan. Support of small businesses is particularly important as the country moves to reform its economy and strengthen its private sector.