Friday, 07, May, 2021

Finances

Despite the lockdown and pandemics, the volume of remittances to Uzbekistan in 2020 topped US$ 6.03 billion, an increase by US$ 17 million dollars or 0.3% to 2019, the Central Bank said.

The European Bank for Reconstruction and Development (EBRD) responded to the coronavirus pandemic challenges in Central Asia’s most populated country by pledging US$521 million (€429 million) through 18 projects in various sectors of the national economy. The EBRD resources were used to support the country’s banking sector and SMEs access to finance, upgrade key infrastructure and promote the development of renewable energy.

U.S. International Development Finance Corporation (DFC) and the Republic of Uzbekistan are proud to announce that they are expanding their partnership through Uzbekistan’s support for the Abraham (Ibrahim) Fund.

US$ 40.7 million will be provided for the reconstruction of two sections of the M39 Tashkent-Termez highway with a total length of 21 km, the Dec. 31 Resolution of the Cabinet of Ministers stipulated.

From January 1, Uzbek joint-stock companies, commercial banks, insurance companies and legal entities in the category of large taxpayers are required to keep accounting on the basis of IFRS and from the end of 2021 will prepare financial statements on the basis of IFRS.

Dairy products producers will have a greater variety of packaging at their disposal following the installation of a modern production line by Midas Plastics financed by the EBRD and Hamkorbank.

The Asian Development Bank (ADB) and “Nur Navoi Solar” Foreign Enterprise Limited Liability Company (NNS) signed loans of up to $17.5 million for a 100-megawatt (MW) solar power plant that will be the first public–private partnership renewable energy project in Uzbekistan. The project will play a catalytic role in improving access to affordable and reliable renewable energy in rural parts of the country.

The European Bank for Reconstruction and Development (EBRD) is financing a 100 MW solar photovoltaic plant in the Navoi region of Uzbekistan, one of the first two privately owned renewable energy projects in the country.

The Minister of Finance Timur Ishmetov spoke about the risks for achieving the projected targets of the 2021 state budget revenues and expenditures.

The UK government has approved technical assistance to begin the phase II of the study of the Tashkent international financial district concept (TIFC), the Uzbek Capital Market Development Agency said.