Tuesday, 28, May, 2024

Uzbekistan government and the European Bank for Reconstruction and Development (EBRD) are jointly spearheading eight transformative projects valued at €815mn, the government portal of Uzbekistan said. These projects span across major sectors including water supply, education, energy, road reconstruction, transport, and solid waste processing.

The Minister of Investments, Industry, and Trade, Laziz Kudratov, held talks with with Zsuzsanna Hargitai, the Managing Director for Central Asia at EBRD. The parties primarily focused on the progress of ongoing investment projects involving EBRD and explored avenues for future cooperation.

One of the key outcomes of these discussions is the agreement to convene the next high-level meeting of the Council of Foreign Investors during the Tashkent International Investment Forum, slated to commence in May. This strategic move underscores Uzbekistan's commitment to fostering an investor-friendly environment and attracting foreign investments to propel economic growth.

The EBRD's portfolio already boasts 16 successfully completed projects valued at €391.3mn. These projects have contributed to enhancing water supply and wastewater treatment systems, augmenting energy infrastructure, modernizing centralized heating facilities, improving transport networks, and bolstering support for small and medium-sized enterprises.

Furthermore, EBRD is currently overseeing 15 ongoing projects valued at a colossal €3bln, further amplifying its footprint in Uzbekistan's developmental landscape. These projects encompass a diverse range of sectors, showcasing EBRD's multifaceted approach towards catalyzing sustainable growth and development in the country.

EBRD recently announced a $4mln loan to Fortuna Biznes Microfinance Organization (MFO), marking its first such loan to an MFO in Uzbekistan. Provided under the Financial Intermediaries Framework (FIF), this loan aims to support individual entrepreneurs and private MSMEs throughout Uzbekistan. Based in Fergana city, Fortuna Biznes has been operational since 2018, offering financial assistance to local businesses. With eleven branches spread across six regions of Uzbekistan, Fortuna Biznes has emerged as a significant player in facilitating access to finance for entrepreneurs and MSMEs.

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