Thursday, 22, April, 2021

Finances

IFC, a member of the World Bank Group, kept supporting private sector growth in Uzbekistan throughout the past year, helping to cushion the impact of the COVID-19 pandemic on businesses, while sustaining the economy and protecting jobs.

President Shavkat Mirziyoyev signed the intergovernmental treaty between Uzbekistan and Germany on the creation of a local bureau of the Credit Institute for Economic Recovery (KfW) in Tashkent.

The European Bank for Reconstruction and Development (EBRD) is supporting the business activity of local small and medium-sized enterprises (SMEs) in Uzbekistan affected by the coronavirus pandemic. The latest US$ 40 million finance facility, extended to the country’s fourth largest lender, Ipoteka Bank, will also provide support to women-led businesses.

The Tax Convention between Uzbekistan and Japan will take effect on October 17. The document of accession was signed in December last year by the Foreign Minister Abdulaziz Kamilov and Japanese Ambassador Extraordinary and Plenipotentiary to Uzbekistan Yoshinori Fujiyama, the press service of the Japanese Embassy said in a statement.

The European Union provided over 2 million euros for a project focused on effective, rapid, and coordinated response to COVID-19 in Uzbekistan. 

The Asian Development Bank (ADB) today approved a $200 million policy-based loan to strengthen Uzbekistan’s power sector by improving its financial sustainability and ensuring adequate investment in critical infrastructure.

Deputy Prime Minister/Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov in the format of a video conference held talks with the President of the Islamic Development Bank (IDB) Bandar al Hajjar.

Uzbekistan’s external debt topped US$ 27.6 billion as of July 1, 2020, having increased by 12.7% or by US$ 3.1 billion YTD, the Central Bank said in a report.

An International Monetary Fund mission, led by Mr. Ron van Rooden, conducted a virtual staff visit to Uzbekistan during August 24–September 17, 2020, to discuss economic developments and policies. At the end of the mission, Mr. van Rooden issued the following statement:

The European Bank for Reconstruction and Development (EBRD) is scaling up its support to small and medium-sized enterprises (SMEs) in Uzbekistan, where they create about 50 per cent of GDP and employ almost 80 per cent of the workforce.