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NEWS

Uzbekistan and EBRD expand cooperation by implementing new projects

www.uzdaily.com/en
10 December 2020

On 9 December 2020, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov in the format of a video conference held negotiations with the President of the European Bank for Reconstruction and Development (EBRD) Odile Renault-Basso.

The head of the EBRD highly appreciated the consistency and intensity of socio-economic reforms in Uzbekistan, as well as the Bank’s commitment to further provide financial, investment and consulting support to the processes of economic transformation in the Republic.

During the dialogue, the progress of the implementation of a number of projects in the field of energy, housing and communal services, ecology and the private sector, totaling more than 1 billion euros, was substantively reviewed. 

The parties exchanged views on the possibilities of accelerating the implementation of these projects, as well as on promising mechanisms for interaction to overcome the negative impact of the pandemic on the economy of Uzbekistan.

Also, within the framework of the videoconference, they discussed practical aspects related to the projects being worked out jointly with the EBRD in Uzbekistan and priority areas for further expanding bilateral cooperation.

The issues of financing projects in the private sector were discussed separately, which, according to the President of the Bank, is an extremely attractive and promising area for the EBRD in cooperation with Uzbekistan.

During the talks, Odile Renault-Basso expressed readiness to provide comprehensive support to accelerate reforms in the financial and banking sector and the capital market, since the creation of a perfect and competitive environment, according to the head of the EBRD, will not only intensify the attraction of foreign investment in the country’s economy, but also to stimulate local businesses and the population to active entrepreneurial activity.

Following the negotiations, a ceremony of signing loan agreements totaling US$150.0 million was held as part of the implementation of the projects "Vital Infrastructure Support Program: Credit to Support the Electricity Sector" and "Construction and Reconstruction of Networks to Improve Water Supply in Muzrabad District of Surkhandarya Region by Construction of a deposits of underground waters "Oktosh" and "Poshhurt".

At the end of the talks, the participants expressed hope for the further development of mutually beneficial cooperation between Uzbekistan and the EBRD by maintaining the achieved high level of trust and partnership, as well as enhancing interaction in new promising areas.