US$500 million agriculture modernization project finance agreement was signed with the World Bank on July 11. On behalf of Uzbekistan, the agreement was signed by the Deputy PM/Minister of Investment and Foreign Trade Sardor Umurzakov, while on behalf of the World Bank, Regional Director for Central Asia Lilia Burunciuc.
The online signing ceremony was also attended by the World Bank Country Manager for Uzbekistan Marco Mantovanelli, the Minister of Agriculture of the Republic of Uzbekistan J. Khojayev, other official.
The project will be financed by the International Bank for Reconstruction and Development and the International Development Association, through US$276 million and US$224 million, respectively.
The project will help the country modernize institutions and upgrade agricultural research and development capabilities. Local farmers and agribusinesses will benefit from more modern technologies, advisory and extension services, capacity building, long-term financing and agro-logistical services. As a result, they will gain better access to internal and external markets.