Friday, 22, January, 2021

Finances

The Asian Development Bank (ADB) today announced that it has approved a $93 million loan to help enhance competitiveness in Uzbekistan and boost inclusive growth by improving market-relevant skills development for young people and unemployed job seekers.

The Deputy PM/Minister of Investments and Foreign Trade Sardor Umurzakov held online talks with the new President of the European Bank for Reconstruction and Development (EBRD) Odile Renault-Basso, the ministry said.

The Central Bank is holding its board meeting in Tashkent, the press service of the Central Bank. The meeting attendees reportedly decided to keep the interest rate at 14 percent per annum.

A meeting with executives of the European Bank for Development and Reconstruction (EBRD) was held at the Central Bank, together with the Ministry of Finance of Uzbekistan.

IFC, a member of the World Bank Group, is helping DAVR-BANK expand its financing for micro, small, and medium-sized enterprises (MSMEs) and women-owned businesses across Uzbekistan. While these business groups were already constrained from accessing finance, the COVID-19 pandemic made the situation worse. IFC’s $5 million investment will provide critical working capital to help them continue their operations and stay afloat during the ongoing public health crisis.

The US$ 50 million Uzbek-Kyrgyz Investment Fund is to be set up. The decision was taken at the meeting between Uzbek Deputy PM/Minister of Investments and Foreign Trade Sardor Umurzakov and Kyrgyz Acting PM Artyom Novikov in Fergana, the Kyrgyz government said.

VEB.RF will provide a loan to Olmaliq Mining Metallurgical Complex (OMMC) for purchase of BELAZ mining dump trucks as part of the plant’s modernization project, the VEB.RF said in a statement.

S&P Global Ratings affirmed its long- and short-term foreign and local currency ratings on Uzbekistan at ‘BB-/B’. The outlook remains negative.

The Russian Direct Investment Fund (RDIF), Russia’s sovereign fund, proposed to Uzbek partners to set up joint Uzbek-Russian investment fund, the First Deputy Director General of RDIF Anatoly Braverman said Friday at a round table with the participation of businesses of the two countries.

Gulnara Karimova, the daughter of late Uzbek president Islam Karimov, won a court victory in Switzerland that allows her to try to unblock $350 million in frozen assets in the latest chapter of a almost $1 billion corruption scandal.