Sunday, 08, September, 2024
Sunday, 08, September, 2024
On May 21, Uzbekistan placed sovereign Eurobonds on world financial markets worth total of $1.5 billion, the Ministry of Economy and Finance said.
The World Bank Group, Abu Dhabi Future Energy Company PJSC (Masdar), and the Government of Uzbekistan have signed a financial package to fund a 250-megawatt (MW) solar photovoltaic plant with a 63-MW battery energy storage system (BESS). The project aims to expand clean and reliable electricity access to approximately 75,000 households.
The European Bank for Reconstruction and Development (EBRD) is improving access to finance for young entrepreneurs in Uzbekistan by providing funds to privately owned financial institution, Davr Bank.
Uzbek banks’ net profit in Q1, 2024 stood at 2.4 trillion UZS, 187 million USD, marking a 22.3% decline to the same period in 2023, KAP DEPO said on Tuesday in a report.
With an aim to enhance competition in Uzbek financial markets, the Humo card system is set to go public, following its transformation into a joint-stock company. This movemarks a departure from its previous status as state-owned, as announced by Akmalkhon Ortiqov, Director of the State Assets Management Agency (SAMA).
To promote digital economies and support the growth of early-stage tech startups in Central Asia, IFC will invest up to $5 million in Sturgeon Emerging Opportunities II, LP a new venture capital fund managed by Sturgeon Capital, a major venture capital investor.
Standard Chartered and the Multilateral Investment Guarantee Agency of the World Bank Group (MIGA) announce today EUR 114 million financing for the Joint-stock company National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU), the largest bank in Uzbekistan. This is MIGA’s first guarantee against the risk of non-honoring of financial obligations by a state-owned enterprise in Uzbekistan.
Uzbekistan and the Asian Development Bank signed a memorandum on the implementation of the country program for 2025–2027, which provides for the implementation of projects totaling $3.5 billion, the press service of the Ministry of Investment, Industry and Trade reported.
The European Bank for Reconstruction and Development (EBRD) is supporting micro, small and medium-sized businesses and improving access to finance for young entrepreneurs in Uzbekistan by providing a financial package of up to US$ 20 million (€18.8 million) to a major private lender, Ipak Yuli Bank.
The EBRD and the government of Uzbekistan agreed to work jointly on the successful privatisation of one of the country’s largest state-owned lenders Asakabank.
The President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, will visit Uzbekistan from 1 to 3 May 2024 for meetings with senior government officials and foreign investors.
Harsher rules for foreign currency transactions will apply for state-owned companies in Uzbekistan, the governor of the Central Bank, Mamarizo Nurmuratov confirmed at a press conference on Thursday.
The Ministry of Energy and the World Bank jointly hosted an event marking the official launch of the Clean Energy for Buildings Project. This project will be implemented by the Ministry of Energy with the World Bank’s financial support. It aims to boost energy efficiency in public buildings and create a better framework for clean energy investments in the buildings sector. During the event, government officials, private sector, and media were informed about the project's purpose, objectives, and activities.
Saudi ACWA Power has secured an $80 mln loan from the Bank of China, marking a milestone in its Uzbekistan initiatives. The loan, split equally between Chinese yuan and U.S. dollars, represents the first loan cooperation deal by a bank from China using its native currency involving a company from Saudi Arabia.
Uzbekistan government and the European Bank for Reconstruction and Development (EBRD) are jointly spearheading eight transformative projects valued at €815mn, the government portal of Uzbekistan said. These projects span across major sectors including water supply, education, energy, road reconstruction, transport, and solid waste processing.
Fitch Ratings highlighted at its recent conference on Uzbekistan in Tashkent that since the publication of the country's comprehensive banking sector reform strategy in May 2020, state-owned banks had made some notable progress in shifting the emphasis towards a more market-oriented approach at the heart of their business models. While, achieving further positive changes may take longer due to deep structural weaknesses and new risks in the sector.
The privatization of state-owned banks in Uzbekistan may be postponed to a later date, Pavel Kaptel, the Deputy Director of Fitch Ratings for Financial Institutions said at a conference in Tashkent in early March.
Payment through cash could be limited and wholesale sale of a number of items could be shifted to non-cash payment. This was discussed at a presentation made to the president on February 13.
Persons under economic sanctions may be prohibited from opening accounts in Uzbek banks. The respective bill was passed in the first reading by the Legislative Chamber at the meeting on Tuesday.
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