EBRD President Meets Uzbekistan Deputy PM to Deepen Ties

Tashkent, Uzbekistan (UzDaily.com) — EBRD President Odile Renaud-Basso held high-level talks with Uzbekistan's Deputy Prime Minister and Finance Minister Jamshid Kuchkarov on June 17, signing two fresh agreements and advancing a strategic dialogue that spans bank privatization, infrastructure, and the country's long-term development blueprint.

The delegation accompanying Renaud-Basso included Hussein Ozhan, Managing Director for Central Asia and Mongolia, and Francis Malige, Managing Director for Financial Institutions — a configuration that signals the financial sector sits at the center of the current bilateral agenda. Uzbek ministerial and agency officials also participated.

Two Agreements Signed

On the margins of the meeting, the EBRD formalized agreements with two Uzbek institutions: ACB Uzsanoatqurilishbank (SQB) and the Uzbekistan Mortgage Refinancing Company. The SQB deal — which aligns with the separately announced $50 million Youth in Business credit line — is aimed at expanding the use of financial instruments and supporting small and medium-sized businesses. The mortgage refinancing agreement targets the development of Uzbekistan's nascent mortgage market, a sector the government has identified as critical to addressing housing demand from a young and urbanizing population.

Bank Privatization in Focus

A substantive portion of the talks was devoted to the transformation and privatization of state-owned banks — one of the most consequential and complex elements of Uzbekistan's economic reform agenda. The two sides discussed improvements to corporate governance, asset quality enhancement, the adoption of international standards, and the expansion of private capital participation. The EBRD has been an active technical and financial partner in Uzbekistan's banking sector reform, and Renaud-Basso's personal engagement underscores the institution's stake in seeing the privatization process through.

Macro Stability and Uzbekistan 2030

The conversation also addressed the macroeconomic backdrop, covering economic growth rates, inflation reduction, fiscal discipline, and implementation of the Uzbekistan 2030 Strategy — the government's overarching development framework. The inclusion of these topics alongside deal-specific discussions reflects the EBRD's role not merely as a lender but as a reform partner engaged across the policy architecture.

Both sides concluded by reaffirming their intention to continue developing the strategic partnership and expanding practical engagement across the financial sector, infrastructure, and capital markets development.