Sunday, 04, December, 2022

Finances

The Asian Development Bank (ADB) today announced a $6.5 billion initial package to address the immediate needs of its developing member countries (DMCs) as they respond to the novel coronavirus (COVID-19) pandemic. "This pandemic has become a major global crisis. It requires forceful action at national, regional, and global levels,” said ADB President Masatsugu Asakawa.

The World Bank’s Board of Executive Directors approved a $239 million credit from the International Development Association for financing of the Water Services and Institutional Support Project in Uzbekistan.

EU Budget Support approved to assist with implementation of the new Uzbekistan Agri-food Development Strategy 2020-2030. The Government of Uzbekistan and the European Union have signed a Financing Agreement to provide 40 million EUR Grant Budget Support and Complementary Assistance for the reforms of Agri-food Sector of Uzbekistan.

National Bank for Foreign Economic Affairs (NBU), Uzbekistan’s largest bank by assets, plans a $300 million debut Eurobond issue, the Uzbek finance ministry said on Tuesday.

On March 5, President Shavkat Mirziyoyev hosted the President of the European Bank for Reconstruction and Development, Suma Chakrabarti, the presidential press service said.

The Board of the Central Bank decided to keep the interest rate at 16% per annum, the bank said today in a statement.

Presidents of all countries like to leverage their state visits to sign investment deals — and Uzbekistan's President Shavkat Mirziyoyev is no exception.

The OPEC International Development Fund provided US$ 54 million in a soft loan to Uzbekistan for a project to improve drinking water supply in 22 settlements of Namangan’s Yangikurgan district, the Foreign Ministry said.

The Uzbekistan Ministry of Energy jointly with the World Bank (WB) have announced a call for bids for the construction of two PV stations with a capacity of 200 MW each in Samarkand and Jizzakh provinces.

The first Tashkent International Investment Forum was due to take place between March 5-6, but now it will take place in fall “presumably”, a source in the government told the Tashkent Times.

Consumers in Uzbekistan will benefit from more choice thanks an expansion of the country’s leading food chain Korzinka, which is being supported by the EBRD with the Bank’s first equity investment in the country for a decade. This is a sign of growing investor confidence in the industry and in the country.

The main concern for Uzbekistan is the high inflation, Deputy PM/ Finance Minister, Jamshid Kuchkarov said at a meeting of the International Press Club Saturday.

Uzbekistan is considering handing over the controlling stake in the Republican Stock Exchange (UZSE) to Korean partners, the Capital Market Development Agency (CMDA) said.

The Minister of Investments and Foreign Trade, S. Umurzakov met with the new vice president of the Asian Infrastructure Investment Bank (AIIB), K. Limitovsky, for whom the trip to Uzbekistan was the first official visit since the appointment.

The Banking Supervision Committee of the Central Bank of Uzbekistan on January 20 issued a provisional license to the Georgian TBC Bank to set up a bank in Tashkent, the CB said in a statement.

On January 20, the South Korean Kobea Group launched the UzNEX crypto exchange in Uzbekistan, the only crypto exchange in Central Asia, UzA said in a statement. The exchange will use the soum, credit cards and US dollars in trading.

World Bank Vice President for Europe and Central Asia, Cyril Muller, welcomed the Government of Uzbekistan’s progress in transforming the economy and pledged the institution’s continued support for further reforms. Visiting Tashkent on January 16-17, he met with President Shavkat Mirziyoyev and senior government and parliamentary officials.

The volume of investment amounted to 220.7 trillion soums, or US$ 23 billion in 2019, exceeding the target by 2 times, while the volume of fixed investment amounted to 189.9 trillion soums, or US$ 19.8 billion, a 1.3 times year-to-year increase, the Ministry of Investment and Foreign Trade said.

On January 16, the Board of the Central Bank decided to keep the basic rate at 16% per annum, the regulator said in a statement.

The EBRD achieved a new record in Uzbekistan in 2019 with an annual investment of US$ 576 million (€517 million) through 13 private and public sector projects – an all-time high for the Bank in the country.