Tashkent, Uzbekistan (UzDaily.com) -- On 9 December 2020, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov held talks with a delegation of the European Bank for Reconstruction and Development (EBRD) headed by Managing Director Francis Malige. 

During the meeting, the sides discussed topical issues of current cooperation, as well as priority areas for further expansion of interaction.

As part of the agenda, the parties also discussed the measures and reforms being implemented in Uzbekistan to support and expand the role of the private sector in the economy, while noting the significant contribution of the EBRD in this direction.

At the same time, it was announced that the development of the private sector and the attraction of foreign investment are impossible without a stable and efficient banking system.

In this vein, the essential role of the EBRD in providing support to commercial banks in Uzbekistan in the context of a pandemic was emphasized by providing additional credit lines for project and trade financing.

At the same time, the prospects for the development of cooperation with the EBRD were noted in order to ensure the consistent implementation of reforms in the banking sector of Uzbekistan and the introduction of modern financial technologies, operations and services in order to gradually reduce the presence of the state in the banking system, which will increase its efficiency and attract to this area. private investors. They also discussed specific issues related to the EBRD's participation in the privatization of state shares in a number of commercial banks in the country.

Also during the meeting, a number of promising areas for expanding cooperation were considered. In particular, they discussed the possibilities for joint work on the privatization of insurance companies in order to introduce new insurance instruments and create a competitive ecosystem in the insurance sector.

The prerequisites for increasing the volume of financial and technical support to small and medium-sized businesses in order to support the measures of the government of Uzbekistan to reduce poverty, create additional jobs and improve the well-being of the population were studied.

The prospects for increasing funding for the agricultural sector and programs for the development of women and youth entrepreneurship through the implementation of special programs of the EBRD were noted.

An agreement was reached on further joint development of opportunities for expanding cooperation in providing financial support to small and medium-sized businesses by providing Uzbek commercial banks with additional credit and trade lines of the EBRD.

Following the meeting, the parties outlined practical steps for the further development of bilateral cooperation within the designated areas.