Tuesday, 25, June, 2024

Finances

ILO and IFC are launching a new Better Work programme in Uzbekistan to improve working conditions and drive competitiveness in the country’s key textile and garment industry.

The Hungarian OTP Bank has become the main shareholder and legal supervisory body of Ipoteka Bank, the fifth largest bank in Uzbekistan, the bank said. The bank's logo has also been changed.

UBS has imposed tight restrictions on Credit Suisse bankers including a ban on new clients from high-risk countries and on complex financial products after completing the takeover of its ailing rival on Monday. UBS executives have drawn up a list of nearly two dozen “red lines” that prohibit Credit Suisse staff from a range of activities from the first day the two banks are combined, according to people with knowledge of the measures. Prohibited activities include taking on clients from countries such as Libya, Russia, Sudan and Venezuela and launching new products without approval from UBS managers.

Digital payment system, Click, is merging with the Uzum Group, executives of the latter said in a statement. A merger plan agreement was signed on June 12 in Tashkent.

Uzbekistan’s reserves topped US$ 34.37 billion as of June 1, 2023 decreasing by $837.9 million in May, the Central Bank said in a report. Reserves have been declining for the second month in a row.

TBC Bank (TBC) announces that it has signed a Sales and Purchase Agreement (SPA) to acquire the remaining minority share of 49% from the founding shareholders in LLC Inspired, the TBC's payments subsidiary operating under the Payme brand (Payme) in Uzbekistan. Following the acquisition of the minority share of Payme, TBC has become the 100% shareholder of Payme, the company said in a statement.

IFC is assisting the government of Uzbekistan in attracting a private investor to modernize the electricity distribution infrastructure in the capital Tashkent and help improve the connectivity for more than 700,000 customers. 

Today, Shavkat Mirziyoyev hosted the President of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun in Xi'an as part of the events of the second day of his state visit to China, the presidential press service said.

The European Union, the French Development Agency (AFD) and the government of Uzbekistan signed an agreement in Samarkand on May 17 to support and finance Uzbekistan's Strategy for Green Transition by 2030, the press service of the EU Delegation in the country said.

Almost 560,000 people living in Uzbekistan’s major municipality of Samarkand will be able use ecologically friendly public transport thanks to the acquisition of electric buses and the construction of an e-bus depot financed by the European Bank for Reconstruction and Development (EBRD). Samarkand is also the first city in the country to join the Bank’s Green Cities programme.

IFC is assisting the government of Uzbekistan in harnessing private capital and expertise to modernize the country’s healthcare sector, to provide more patients with access to quality, affordable health services.

Uzbekistan could join the Eurasian Development Bank (EDB), announced the Bank’s governor Nikolay Podguzov during the conference of members-investors of the Association of Development Institutes of Asia and the Pacific (ADFIAP).

Integration of ATMs of Humo and Uzcard payment systems is due to be completed within 7-10 days, the governor of the Central Bank Mamarizo Nurmuratov said at a press conference on May 4.

Today, on May 4, the Central Bank reviewed the possible changing the interest rate. As reported by the regulator, the BOD of the Central Bank at its today’s meeting decided to keep the interest rate unchanged at 14% per annum.

On May 1, the President signed the Additional measures to digitalize the healthcare system Resolution. The Resolution says that Uzbekistan and the German Development Bank KfW signed a loan agreement worth of 45 million euros for a period of 12 years, including a five-year grace period, as well as a grant agreement worth of 5.5 million euros.

President approved the Amendments to the Banks and Banking Activities Law. According to Norma, in line with the document, the minimum amount of the bank's authorized capital should be:

The Asian Development Bank (ADB) and ACWA Power Company (ACWA) signed $174 million worth of loans to develop the Bash wind power and Dzhankeldy wind power plants, both located in the Bukhara province. 

The World Bank’s Board of Executive Directors approved today the Second Livestock Sector Development Project for Uzbekistan which will help invest in building a productive, competitive, inclusive, and climate resilient livestock sector across the country.

The World Bank and the Government of Uzbekistan signed agreements providing funds to implement two projects, which the World Bank's Board of Executive Directors approved in June 2022.

The European Investment Bank has approved an $83.6 million loan for Uzbekistan's program to develop photovoltaic plants. Together with the Asian Development Bank, the Asian Infrastructure Investment Bank and the European Bank for Reconstruction and Development, the EIB will provide a loan total worth of $396.4 million to finance the construction and commissioning of three solar PV plants with a total capacity of almost 900 MW.