Monday, 27, June, 2022

The Ministry of Finance of Uzbekistan and the French Development Agency (FDA) on April 19 signed an agreement aimed at facilitating the country's transition to green economy, FDA said.

The goal of cooperation is the preparation, financing and implementation of a new strategic mechanism for a green economy, in the center of which is the preservation of Uzbekistan’s environment and adaptation to climate change.

The cooperation is designed for 5 years. The size of the first loan agreement is 150 million euros. Loan will be provided to the Treasury of the Ministry of Finance of Uzbekistan. The loan aims to develop an action plan underpinned by a coherent economic, budgetary and fiscal strategy.

The technical cooperation program will simultaneously support the Ministry of Economic Development and Poverty Reduction and the Ministry of Finance in the development of a strategic framework, its implementation in public finance (tax policy, sustainable management of public companies, green budget) and sectoral policies and programs (renewable energy, etc.).

“The program will help Uzbekistan transition to a more efficient model in terms of resources and carbon emissions. This can contribute to both employment and economic growth in Uzbekistan with limited environmental impact,” emphasized Vanson Copen, head of the AFAR regional office in Central Asia.

“The transition to a green economy is not something we can choose, but something we must do. In our next development strategy, the importance of a green economy will be highlighted on several ocassoins. To achieve this goal, we have developed several projects, and this support received from the FAA is fundamental to the continuation of work. This is just the beginning, as we will continue to work together with the FAR in this direction,” said Deputy Finance Minister Odilbek Isakov.

“I warmly welcome the fact that the President of Uzbekistan puts the green economy among his priorities. France also puts green issues at the top of its agenda. This is another milestone in our high-quality bilateral ties based on trust and friendship,” said French Ambassador to Uzbekistan Aurelia Bouchez.

Latest in Finances