The European Bank for Reconstruction and Development (EBRD) continues its successful cooperation with Uzbekistan, providing support for the implementation of innovative projects aimed at developing key sectors of the economy. In 2022 alone, the EBRD invested about 900 million euros in Uzbekistan for the implementation of 26 projects. At the same time, the total portfolio of projects implemented with the participation of EBRD funds includes 57 projects with a total value of 1.7 billion euros.
In order to further deepen cooperation and increase the volumes of resources attracted by the EBRD, a meeting was held between the General Director of the Agency for Strategic Reforms under the President of the Republic of Uzbekistan, Sh. Vafaev, and the Managing Director of the EBRD for Central Asia, Z. Hargitai, to discuss new promising projects in the field of energy, privatization and transformation of state-owned companies and banks, improvement of the ICT system, and water-saving technologies.
It should be emphasized that in order to fulfill Uzbekistan’s commitments under the Paris Agreement on reducing greenhouse gas emissions and decarbonizing the economy, a list of new “green” projects is being considered jointly with the EBRD, which envisage reducing carbon dioxide emissions and improving air quality.
One of the no less important priority areas of cooperation is ensuring security and modernizing the energy infrastructure. For this purpose, the EBRD is currently in active negotiations with “National Electric Grid of Uzbekistan” JSC and “Uztransgaz” JSC to prepare and prioritize projects aimed at modernizing gas infrastructure, thermal power plants, electricity distribution systems, as well as developing alternative energy sources.
Special attention deserves the work being carried out to radically increase the volumes of geological exploration work, to attract a wide range of private investors, as well as advanced foreign companies. In this direction, with the direct participation of the EBRD as a technical consultant, a new version of the Law “On Subsoil” is being developed in accordance with the goals of the Strategy for the Development of New Uzbekistan for 2022-2026.
During the meeting, J. Hargitai also informed about EBRD’s readiness to continue its support in 2023 by directing investments to the private sector. Along with infrastructure and energy projects, the question of EBRD’s participation in the privatization of Uzpromstroybank and Asaka Bank is actively being worked out.
At the end of the meeting, it was emphasized that this year EBRD will focus its activities on such key areas as support for the private sector, transformation of state-owned enterprises, and improving their corporate governance.
Press service of the Agency for Strategic Reforms.