On February 19, the Japanese Ambassador to Uzbekistan Hatori Takashi and the First Deputy Minister of Economy and Finance of Uzbekistan Ilkhom Norkulov signed exchange notes to provide 37 billion yen (about $246.2 million) in a loan as part of the Program To Support Sustainable Economic And Social Development, the Japanese Embassy said.
While, Ilkhom Norkulov and the director of JICA office in Uzbekistan, Bito Yoshibumi, signed a loan agreement for this project. The loan is issued for 30 years with a 10-year grace period. The interest rate is at 1.8% per annum.
The goal of the project is to support the continuous implementation of economic reforms to transition Uzbekistan to a market economy, as well as contribute to strengthening social inclusion and stability through support for vulnerable groups.
“The project is expected to contribute to the socio-economic stability and sustainable development of the country,” the statement added.
At the 9th Foreign Ministers' Meeting of the Central Asia + Japan Dialogue held in Tokyo in December 2022, in order to achieve sustainable development in a free and open Central Asia, Japan announced the establishment and development of cooperation in accordance with a new model that attaches importance to “Investing in People” and “Quality of Growth”. This project embodies the concept of “Quality of Growth”.
