Uzbekistan and World Bank Sign $800 Million Agreement to Support Reforms

Tashkent, Uzbekistan (UzDaily.com) — Last week in Washington, during the annual meetings of the World Bank Group, Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan Jamshid Kuchkarov and Najji Benhasin, World Bank Regional Director for Central Asia, signed an agreement for a concessional loan of US$800 million, the World Bank office in Uzbekistan said.

The World Bank funds will be used to implement a range of reforms in the country’s key social and economic sectors.

In addition, Jamshid Kuchkarov, together with Timur Ishmetov, Chairman of the Central Bank of Uzbekistan, held talks with Antonella Bassani, Vice President of the World Bank for Europe and Central Asia.

The parties discussed the government’s efforts to strengthen macroeconomic stability, create new jobs, increase productivity, and expand exports in agriculture and the textile industry.

Special attention was paid to improving the statistical system, expanding access to education and healthcare, developing transport infrastructure, implementing national and regional projects in energy and water resources, and reforming state-owned enterprises.

Uzbekistan and the World Bank continue to maintain close cooperation in these areas.

The meeting also reviewed current and planned government projects in various economic sectors, implemented with the financial and technical support of the World Bank.

Currently, the Bank’s investment portfolio in Uzbekistan includes 26 projects totaling more than US$5 billion, making the country the third-largest World Bank client in the region, after Turkey and Ukraine.