Tashkent, Uzbekistan (UzDaily.com) -- On 7 August 2020, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov held talks with Vice-President of the European Bank for Reconstruction and Development (EBRD) Allain Pilou in the format of a video conference.

During the dialogue, the sides discussed measures taken by the Government of Uzbekistan to counter the spread of coronavirus infection, as well as to reduce the impact of global crisis events on the national economy and the welfare of the country’s population.

Substantively, the ongoing projects in the field of energy, housing and communal services, ecology and the private sector were considered. The parties exchanged views on the possibilities to accelerate the implementation of current projects, as well as on promising mechanisms of interaction to overcome the negative impact of the pandemic on the economy of the Republic.

It was announced that the management of the EBRD set a strategic task - to significantly increase financing of private entrepreneurship in Uzbekistan, in connection with which an agreement was reached on providing the EBRD with additional financing to Uzbek commercial banks in the form of credit lines for small and medium-sized businesses.

The importance of developing cooperation with the EBRD in matters of consistent implementation of reforms in the banking and energy sectors of Uzbekistan was noted. In this context, the issues related to the privatization of state shares in a number of commercial banks of the country, the improvement of the corporate governance system of state-owned companies in the energy sector, and the launch of the reform process in the oil and gas industry are considered.

The parties discussed the prospects for financing projects in the textile industry, as one of the most promising sectors of the economy of Uzbekistan, which has a large export potential.

Opportunities for attracting financing for the development of women’s entrepreneurship in Uzbekistan through a special EBRD Program "Women in Business in Central Asia" were also considered.

As a result of the event, an agreement was reached on the further development of mutually beneficial cooperation between Uzbekistan and the EBRD in specific areas and projects.