Saturday, 13, August, 2022

Finances

Uzbek NBU and the Turkish Export-Credit Bank signed a simple loan agreement worth US$ 250 million to be used to finance projects and trade involving Turkish suppliers and contractors.

IFC, a member of the World Bank Group, has signed a landmark swap agreement with Hamkorbank, the largest private bank in Uzbekistan, to expand local currency lending to micro, small and medium enterprises, key to driving economic growth in the country.

Jingdong Hua, IFC’s Vice President and Treasurer, ended a two-day visit to Uzbekistan, where he met with private sector clients and discussed with Uzbek authorities, the Central Bank of Uzbekistan, and development partners how to scale up IFC’s engagements in the country. The meetings are part of an effort by IFC to support of the country’s economic transformation and stimulate foreign investments.

The volume of Uzbekistan's net gold and foreign exchange reserves reached US$ 27.086 billion as of April 1, a US$ 151 million increase over the month, the Uzbek Central Bank said in a statement.

Freedom Holding Corp. said it will open its first branch office in Tashkent, Uzbekistan. The office will be located in the city's International Business Center and will initially employ 12 investment consultants.

The governments of Uzbekistan and Germany signed an agreement on financial cooperation worht of 12.3 million euros for the period 2017 - 2018 on the basis of the minutes of the intergovernmental negotiations that took place on 19 July 2017 in Berlin.

A delegation from the EBRD’s Board of Directors will visit Uzbekistan from 19 to 23 March 2018. The visit, which is part of preparations for the Bank’s medium-term strategy for the country, will help the Directors to assess reforms taking place in Central Asia’s most populated country.

The International Islamic Trade and Finance Corporation (ITFC) will provide US$ 100 million to Uzbekistan in short-term loans for a period of two years, after a framework agreement was signed on Tuesday between the IITFC and the Committee for Investments, the committee said.

Uzbekistan has embarked—with great determination—on reforms to address the country’s most pressing challenges, foremost the lack of jobs.

Japan provided grants worth over US$687,000 for implementation of 12 grass-root social projects in Uzbekistan. Ambassador Extraordinary and Plenipotentiary of Japan to Uzbekistan Nobuaki Ito signed grant contracts, which provide for implementation of 12 grass-root social projects in Tashkent and regions of Uzbekistan.

The Central Bank has created a service which will "protect the rights of consumers of banking services" instead of the Department handling compalints from individuals and legal entities, the Central Bank said in a statement.

Delegation of the Uzbek Finance Ministry visited Russia from 19 to 21 February. The visit was organized within the framework of implementation of the Memorandum of Technical Cooperation and Cooperation Plan for 2018 concluded between the Ministry of Finance of Uzbekistan and the Federal Treasury of the Russian Federation.


The Uzbek delegation held a meeting with officials of the Federal Treasury of Russia.

The sides discussed the issues related to organization and implementation of internal control, audit and state financial control in the Treasury of Russia.

The Russian side held a presentation on specifics of the organization of internal control and audit in the Federal Treasury. Particular attention was paid to methodology and implementation of a risk-based approach to audit and control activities.

Uzbekistan is planning to sell up to $300 million of Eurobonds this year in a bid to open up to foreign investment. Uzbek authorities signed a memorandum with Citigroup Inc. during a recent visit to New York to develop a road map for obtaining a sovereign credit rating, Finance Minister Djamshid Kuchkarov said in an interview in Tashkent. There is a “high chance” of a bond sale in either dollars or euros this year, he said.

The Asian Development Bank (ADB) has appointed Werner Liepach as the new Director General for its Central and West Asia Department (CWRD).

The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and Joint-Stock Commercial Aloqabank (Aloqabank) today signed an agreement to provide loans and support trade in Uzbekistan.

The Ministry of Culture, the Tourism Development Committee of Uzbekistan and the European Bank for Reconstruction and Development (EBRD) signed a Memorandum on Cooperation in the field of tourism and cultural heritage, JAHON reported.

The Board of the Uzbek Central Bank decided to keep the interest rate at 14% per annum. In spite of keeping tight monetary policies and the efforts aimed at minimizing the impact of monetary factors, there was an increased level of inflationary pressure in Q4 of 2017, the Central Bank said.

On 5 February 2018, the IT Development Ministry hosted a meeting with the visiting World Bank mission to discuss preparations of Digital CASA project and issues related to digital development.

Small and medium-sized private enterprises (SMEs) in Central Asia will benefit from a new Regional Small Business Programme (RSBP) launched in Almaty.

A Loan Agreement was signed today in Tashkent between the Republic of Uzbekistan and the Kuwait Fund for Arab Economic Development, whereby the Fund will provide a Loan in the Amount of 9.0 Million Kuwaiti Dinars (equivalent to about US$ 30.6 Million), to the Republic of Uzbekistan, to participate in the financing of the Infrastructure for Rural Housing Project in the Republic of Uzbekistan. It is worth mentioning that the Fund depends exclusively on its own resources in providing its loans and development assistance.