Uzbekistan and EBRD Sign Agreements on Nukus Electric Buses and Uzbekistan Railways Digitalization

Tashkent, Uzbekistan (UzDaily.com) — On the sidelines of the fifth Tashkent International Investment Forum (TMIF-2026), a strategic meeting was held between the Deputy Prime Minister of the Republic of Uzbekistan, Jamshid Khodjayev, and the President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso.

During the talks, the Vice-Premier praised the personal contribution of the EBRD head to deepening integration, noting that cooperation with the bank holds significant practical importance for attracting long-term capital, implementing advanced corporate governance standards, and supporting the republic's private sector. The EBRD traditionally serves as one of Uzbekistan's key institutional partners in advancing structural economic reforms. By the end of 2025, the bank's investment volume in Uzbekistan's economy exceeded $1 billion, cementing the country's status as the largest recipient of EBRD financing across Central Asia.

The primary practical outcome of the meeting was the signing of a package of documents to finance two major infrastructure and digital projects.

The first project is aimed at developing eco-friendly public transport and outlines the launch of a modern electric bus system in the city of Nukus (Republic of Karakalpakstan) totaling $37 million. The second project, valued at $46.5 million, focuses on the deep digital transformation of JSC Uzbekistan Railways (Uzbekiston Temir Yullari), which will modernize the operational processes of the national railway company.

Additionally, the parties signed an agreement to establish a specialized Joint Coordination Fund for Cooperation, founded by the EBRD alongside the Fund for Reconstruction and Development of Uzbekistan (FRDU). The initial total volume of the fund will be $40 million, with the partners contributing equal shares of $20 million each. This mechanism is designed to enhance the coordination efficiency of joint initiatives.

At the conclusion of the meeting, Jamshid Khodjayev and Odile Renaud-Basso conducted a thorough review of the current investment portfolio and outlined a medium-term roadmap. Priority areas include projects to modernize regional water supply systems and pumping stations, expand electric transport networks, prepare a large-scale project for the lining of the Zarafshan Canal, and construct a new high-voltage substation in Namangan.

The sides also paid special attention to mechanisms for expanding financing for Uzbek export-oriented enterprises and encouraging the participation of local contracting companies in EBRD tender projects. Following the dialogue, an official agreement was finalized to accelerate the preparation procedures for new joint agreements.