Thursday, 18, April, 2024
Thursday, 18, April, 2024
The World Bank’s Board of Executive Directors approved today the Tax Administration Reform Project in Uzbekistan, which is designed to improve the operational efficiency and effectiveness of the State Tax Committee (STC) and deliver better services to local taxpayers.
The Uzbekneftegaz intends to draw US$ 184 million in a loan from the U.S. The Export–Import Bank for the reconstruction of the Bukhara oil refinery, the company said.
Residents of cities located in two southern regions of Uzbekistan will benefit from improved urban infrastructure and municipal services, thanks to Additional Financing for the Medium-Size Cities Integrated Urban Development Project, approved today by the World Bank’s Board of Executive Directors.
The European Bank for Reconstruction and Development (EBRD) is expanding its Green Economy Financing Facility (GEFF), launched in Uzbekistan in 2019, to support green finance for small private-sector companies investing in green technology solutions.
More than 170,000 people living in the Chust, Namangan and Pap districts of the Namangan Region in eastern Uzbekistan will enjoy regular access to fresh drinking water and wastewater services, following the implementation of a major rehabilitation programme financed by the European Bank for Reconstruction and Development (EBRD).
The European Bank for Reconstruction and Development (EBRD) is expanding its regional presence in Uzbekistan by opening a new local office in Urgench, its third in the country. Urgench is a major municipality in the west of the country.
Samarkand, one of the oldest inhabited cities in Central Asia, which prospered from its location on the Silk Road trade route between China and the Mediterranean, has become the first city in Uzbekistan to boost its urban sustainability planning by joining the European Bank for Reconstruction and Development’s €3-billion flagship programme, EBRD Green Cities.
On 4 June 2021, S&P Global Ratings revised the outlook on its long-term ratings on Uzbekistan to stable from negative. At the same time, we affirmed the ‘BB-/B’ long- and short-term foreign and local currency sovereign credit ratings.
The Asian Development Bank (ADB) and JSСB Hamkorbank signed a loan for $20 million equivalent in Uzbek sum to expand access to credit for micro, small, and medium-sized enterprises (MSMEs) and agricultural borrowers.
Uzbekistan’s chemicals and fertilizers sector has huge potential for growth, but turning it into a modern industry that can support the country’s needs and develop its export potential requires the right government reforms and private sector investments.
Uzbekistan’s public debt as of April 1, 2021 decreased by US$ 133.7 million - to US$ 23.2 billion, or 40.1% to GDP, the Ministry of Finance said in a report.
The Finance Minister Timur Ishmetov spoke about the privatization of state-owned banks in Uzbekistan at a meeting with young people at the Five Initiatives Movement event in Tashkent yesterday.
The World Bank's leadership expressed its readiness to support the Mazar-i-Sharif-Kabul-Peshawar railway project and to attract other international financial institutions, the Ministry of Investment and Foreign Trade (MIFT) said.
The government of Uzbekistan’s plans to develop 8 GW of solar and wind capacity by 2030 have received a major boost following the approval of an €87.4 million financing package jointly organised by, the European Bank for Reconstruction and Development (EBRD), the European investment Bank (EIB) and PROPARCO, a subsidiary of Agence Française de Développement. The funds will be used to construct and put into operation a 100 MW photovoltaic solar power plant near the city of Samarkand.
On April 30, the President Shavkat Mirziyoyev spoke about the problems and corruption in the banking sector at a meeting on the development of industry in the provinces.
On April 27, UzAuto Motors issued its first international Eurobonds of the RegS /144A format in the worth of $ 300 million for a period of 5 years on the London Stock Exchange, the press service of the Ministry of Finance of Uzbekistan said.
On April 27, the first 5-year government securities were issued at the e-trading on the Uzbek Currency Exchange, the Ministry of Finance said.
While the pandemic hit Uzbekistan’s economy especially hard in the first half of 2020 and inflicted considerable hardship, the recession was moderated by strong and timely containment and support measures. These included a forceful public health response and the deployment of a set of fiscal, monetary, and financial measures, made possible by substantial buffers owing to prudent macro-economic policies in preceding years, and thanks also to sizable international support.
On April 22, Uzauto Motors, with the support of the Ministry of Finance, announced the upcoming issue of US$ 300 million worth of maiden international bonds and holding teleconferences with potential investors, the Ministry of Finance said in a statment.
On April 22, the Board of the Central Bank decided to keep the interest rate at 14% per annum, the Bank said. “This decision was aimed at balancing the decline in inflation and supporting economic activity in the context of economic recovery, as well as to maintain the slowing inflation and inflation expectations against the backdrop of risks of rising food prices in foreign markets,” the Central Bank said in a release.