Wednesday, 04, October, 2023

President signed the Sep. 27 Measures to implement the project “Water Resources Management in the Aral Sea Basin, Taking into Account Adaptation to Climate Change” with the participation of the Asian Development Bank Decree.

In accordance with the Agreement dated 24.06.2022 between Uzbekistan and the Asian Development Bank, a $150 million loan is being provided for a period of 25 years, including a five-year grace period.

The project price is $194.9 million, including the contribution of Uzbekistan in the equivalent of $40.2 million, of which $26.6 million is in the form of VAT refunds and exemptions from customs duties at the expense of the national budget.

$3 million is being provided from the Asian Development Fund, $0.3 million from the Asian Development Bank's High Technology Fund, and the share of farms is $1.38 million.

During the project implementation period (7 years - from 2022 to 2029), special machineries, mechanisms and technological equipment registered under the "temporary import" customs regime are conditionally exempt from customs duties and taxes.

The project is being implemented in the Republic of Karakalpakstan, Bukhara, Surkhandarya and Khorezm provinces.

The Ministry of Water Resources is the executive body responsible for the implementation of the project, the targeted and efficient use of credit and grant funds, as well as ensuring the achievement of all targets. The functions of managing and coordinating the project are assigned to the Center for the Implementation of Foreign Investment Projects in the Water Sector under the Ministry of Water Resources.

Expenses related to the repayment of the loan of the Asian Development Bank, as well as the payment of interest, commission and other payments, shall be borne by the Republican budget of Uzbekistan.


Latest in Finances