Tashkent, Uzbekistan (UzDaily.com) -- On 19 December 2019, a loan agreement was signed between the Republic of Uzbekistan and the Japan International Cooperation Agency (JICA) to finance the project “Development of the creation of a value chain in the horticulture sector” in the Republic of Uzbekistan (hereinafter - the Project) for the amount of 23.023 billion Japanese yen (equivalent to US$213.1 million) for a period of 25 years.

President signed a resolution, which approves the main indicators, the loan repayment scheme, and the roadmap for the implementation of the project to develop the creation of a value chain in the horticulture sector.

The project envisages the allocation through commercial banks to business entities operating in the horticulture sector of the republic, soft loans totaling US$196.6 million for up to 10 years (with a grace period of up to 5 years) in US dollars at a rate of 7 percent and soums - 19 percent.

The Agency for the implementation of projects in the field of agriculture and food supply will be  the main executive body responsible for the timely and full implementation of the project, coordination and management.

The aim of the project is to further deepen reforms in agriculture, increase the financial sustainability of farms and agricultural organizations, increase the production of competitive fruits and vegetables, and expand cooperation with the Japan International Cooperation Agency (JICA).