Tuesday, 23, July, 2024


A meeting with executives of the European Bank for Development and Reconstruction (EBRD) was held at the Central Bank, together with the Ministry of Finance of Uzbekistan.

IFC, a member of the World Bank Group, is helping DAVR-BANK expand its financing for micro, small, and medium-sized enterprises (MSMEs) and women-owned businesses across Uzbekistan. While these business groups were already constrained from accessing finance, the COVID-19 pandemic made the situation worse. IFC’s $5 million investment will provide critical working capital to help them continue their operations and stay afloat during the ongoing public health crisis.

The US$ 50 million Uzbek-Kyrgyz Investment Fund is to be set up. The decision was taken at the meeting between Uzbek Deputy PM/Minister of Investments and Foreign Trade Sardor Umurzakov and Kyrgyz Acting PM Artyom Novikov in Fergana, the Kyrgyz government said.

VEB.RF will provide a loan to Olmaliq Mining Metallurgical Complex (OMMC) for purchase of BELAZ mining dump trucks as part of the plant’s modernization project, the VEB.RF said in a statement.

S&P Global Ratings affirmed its long- and short-term foreign and local currency ratings on Uzbekistan at ‘BB-/B’. The outlook remains negative.

The Russian Direct Investment Fund (RDIF), Russia’s sovereign fund, proposed to Uzbek partners to set up joint Uzbek-Russian investment fund, the First Deputy Director General of RDIF Anatoly Braverman said Friday at a round table with the participation of businesses of the two countries.

Gulnara Karimova, the daughter of late Uzbek president Islam Karimov, won a court victory in Switzerland that allows her to try to unblock $350 million in frozen assets in the latest chapter of a almost $1 billion corruption scandal.

Uzbekistan’s total public debt at the end of 2021 is projected at US$ 28.4 billion, or 44.9% of GDP, the draft Citizens Budget 2021 said.

UzAuto Motors JSC and the London branch of Credit Suisse AG signed a EUR 150 million syndicated loan agreement, UzAuto Motors said.

Foreign companies have been hiredto help sell the government’s stake in Coca-Cola Bottlers Uzbekistan, Ltd (CCBU) (57.1%). The Assets Management Agency said that the process of selling the government’s stake in CCBU will be organized on the principles of transparency, in accordance with generally accepted international practice, not contrary to the Uzbek legislation.

PromSvyazBank has provided US$ 200 million in a revolving credit line to one of the world’s largest gold producers, the Navoi Mining and Metallurgical Combine of Uzbekistan to finance the company’s investment projects,” the bank said.

Uzbekistan priced Eurobonds for the second time, testing a recovery in global risk appetite with a sale from one of the few economies set to dodge recession this year.

At the ninth plenary session of the Senate, the report of the Cabinet of Ministers dedicated to the execution of the state program on the implementation of the Development Strategy in the nine months of 2020 was heard.

Uzbekistan is preparing to place a dual-tranche sovereign eurobonds denominated both in U.S. dollars and Uzbek soums on the London Stock Exchange, the Uzbekistan Ministry of Finance said.

The volume of money remittances to Uzbekistan in January-October 2020 topped US$ 4.88 billion. This is by US$ 148 million less to the same period last year, the Central Bank said in a report.

Uzbekistan’s gross gold and foreign exchange reserves as of November 1 topped US$ 33.3 billion, decreasing by $ 105 million to last month, the Central Bank said in a report.

Uzbekistan's Finance Ministry said Monday the country will issue more Eurobonds. Citi Bank and JP Morgan were appointed as the global coordinator and joint bookrunners, while Societe Generale, VTB Capital and Gazprombank - joint leading managers and bookrunners, and White & Case as the legal consultant, the ministry added.

In January-October, Uzbeks sold US$ 3.7 billion at exchange offices, or US$ 744 million, and bought US$ 3.3 billion, increase by 25% and 2.7 times to the last year, respectively, the Central Bank reported.

The Asian Development Bank (ADB) has approved a $121 million loan to complete the modernization of the railway network in eastern Uzbekistan that will help to stimulate economic growth in the Fergana Valley and improve trade and regional connectivity.

In new report The State Strikes Back, EBRD says strong institutions and good governance key to successful future. As the coronavirus pandemic sparks calls for more state intervention, emerging economies face tough choices to determine whether an increased role for government will have positive or negative long-term consequences.