Thursday, 06, May, 2021

The Cabinet of Ministers issued the Drawing US$ 200 million from the Asian Development Bank to Support the Budget of the Republic of Uzbekistan in the Implementation of Reforms in the Electricity Sector Resolution.

According to Norma, a Memorandum of Understanding has been signed between the Ministry of Finance, the Ministry of Investment and Foreign Trade, the Ministry of Energy and the ADB. On September 28, 2020, the ADB Board of Directors approved a 15-year loan to support the Uzbekistan’s budget in the implementation of reforms in the electricity sector.

The total cost of the investment project "Introduction of an automated system of accounting and control of electricity in the Republic of Uzbekistan" is US$ 457.8 million dollars. The project’s feasibility study has been approved by the Ministry of Finance and the Ministry of Investment and Foreign Trade. The project will be implemented at the expense of the following funds:

  • US$ 91.3 million - JSC "Regional Electric Networks";
  • US$ 250 million - Ministry of Finance’s loan;
  • US$ 20.5 million - ADB’s loan;
  • USD 62.6 million - UzSanoatQurilishBank’s loan;
  • US$ 33.3 million - Development Fund.

The ADB’s US$ 200 million loan is provided at rate of 6 months libor + 0.5%. The principle and the interest of the loan is to be repaid by the republican budget of Uzbekistan.

 

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