WB allocates loan worth $25 mln to Uzbekistan
Uzbekistan, Tashkent, Aug.19 / Trend, D.Azizov /
The World Bank has allocated a loan worth $25 million to Uzbekistan to implement a project to improve the energy efficiency of industrial enterprises, the World Bank Office in Tashkent told Trend on Friday.
A loan agreement was signed by the WB office head Takuya Kamata and Uzbekistan's First Deputy Prime Minister and Finance Minister Rustam Azimov.
The WB Board of Directors approved the loan in June 2010.
Borrowed funds are allocated from the resources of the International Development Association (IDA, World Bank's structural unit) in the form of interest-free loan for a period of 35 years, including a 10-year grace period with payment of commission commitments.
The total project cost calculated fort five years is $34.6 million. The Uzbek side, represented by the country's commercial banks and the industrial enterprises, involved in the project, will allocate $9.6 million to implement the project.