Sunday, 21, January, 2018

Finances

On 5 July 2017, the Asian Development Bank (ADB) and the Invest Finance Bank (InFin Bank) signed an agreement enabling cooperation to support trade in Uzbekistan through ADB’s Trade Finance Program (TFP).

The World Bank’s Board of Executive Directors approved allocation of two loans for US$294.9 million to Uzbekistan for implementation of water resource management and livestock sector development projects.

President of Uzbekistan on Tuesday signed a decree appointing Abdukhafiz Karimov as Deputy Finance Minister. Abdukhafiz Karimov will oversee the issues of financing the social sphere, science, government bodies and the Off-Budget Pension Fund.

Starting from June 28, 2017, the Central Bank of Uzbekistan (CBU) will raise the interest rate by 5 percentage points to 14% per annum, In a statement, the CBU announced.

President Shavkat Mirziyoyev signed a decree on June 16 increasing the government’s stake in Uzbek banks by 500 million US dollars to be funded by the Reconstruction and Development Fund of Uzbekistan (FRDU). The decree is aimed at "maintaining the level of capitalization of banks, help stabilize the e financial stability of the banking system and expanding their participation in financing of projects and lending to entrepreneurship".

The Asian Development Bank (ADB) has approved a results-based loan of $500 million to support the construction of up to 29,000 new affordable housing units in nine regions across Uzbekistan as part of the State Affordable Rural Housing Program.

The Government of the Republic of Korea has approved US $ 3.5 million in a grant to support the Boosting Uzbekistan’s Agriculture Through Building of Cold Storage Facilities Project aimed at introducing modern technologies for storage of fruit and vegetable products and further enhancing of cooperation between Uzbekistan and Republic of Korea the in the field of agriculture.

Uzbekistan and the European Bank for Reconstruction and Development (EBRD) are preparing $ 1.5 billion worth of joint projects, Uzbek Foreign Minister Abdulaziz Kamilov said.

The May 10 Fitch Ratings report says that most of the Uzbek banks it rates are resilient to depreciation of the Uzbek soum, which is possible over the medium term as the authorities plan to liberalise the foreign-exchange market and relax regulation of conversion operations.

As previously reported, in early April 2017, as part of a study tour to the Republic of the Czech Republic organized by the joint project of the Cabinet of Ministers of the Republic of Uzbekistan and UNDP "Local Governance Support Program / Phase 2", representatives of ministries and agencies, governor’s offices of Jizzakh, Tashkent and Namangan provinces studied the experience of Czech Republic in the field of organizing the activities of local authorities.