Saturday, 01, October, 2022

Finances

The World Bank forecasts global economic growth to edge up to 3.1 percent in 2018 after a much stronger-than-expected 2017, as the recovery in investment, manufacturing, and trade continues, and as commodity-exporting developing economies benefit from firming commodity prices, the World Bank's GLobal Economic Prospects said.

The Asian Development Bank’s (ADB) Board of Directors has approved a US$145 million loan to help improve water supply and sanitation services in the Republic of Karakalpakstan (RK), an autonomous republic in northwestern Uzbekistan. The project will benefit about 388,000 residents, half of whom are women and girls.

Uzbek Deputy PM/ Finance Minister, Jamshid Kuchkarov held talks with a group of Gazprombank officials Tuesday, the ministry said in a statement.

IFC, a member of the World Bank Group, has signed a mandate with the government of Uzbekistan to increase its renewable power capacity and encourage private sector investment in Uzbekistan’s renewable-energy sector.

World Bank Group President Jim Yong Kim met with Uzbek President Shavkat Mirziyoyev today to discuss Uzbekistan’s social and economic transformation and to reaffirm the World Bank Group’s support for reforms to accelerate economic growth and boost shared prosperity. The meeting in Washington, DC took place on the margins of Mirziyovev’s first official visit to the United States.

Mr. Tao Zhang, Deputy Managing Director for the International Monetary Fund (IMF), visited Tashkent on 12-14 May 2018.

The European Investment Bank (EIB) may provide Uzbekistan with first batch of loans worth total of US$ 500 million, Uzbekistan 24 channel reported.

The Central Bank of Uzbekistan posted the draft Precious Metals and Stones Bill for public consultation. The bill provides for that gold bullions may be used (purchased) by individuals and legal entities, including non-residents of the Republic of Uzbekistan, as investments.

On 4 May, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Republic of Uzbekistan.

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.