Uzbekistan plans to raise $480.9 million investments from Arab Coordination Group

Uzbekistan, Tashkent, Dec. 7 /Trend D.Azizov /

Uzbekistan plans to attract $480.9 million from the financial institutions - members of the Arab Coordination Group (ACG) in 2013-2017 for the implementation of 15 projects with a total estimated cost of $582.5 million, a source in government circles told Trend.

The list of projects to be implemented through the funds of financial institutions - members of ACG, was approved by a special governmental decree, the agency's interlocutor said.
The government has also approved a plan of practical measures to address the financing of projects by these financial institutions.

In particular, the funds of ACG will be involved in the project to provide national, specialised scientific and practical medical centres, medical schools and republican multisectorial hospitals with modern medical equipment and the centres of state sanitary and epidemic inspection with laboratory equipment.

Strengthening of the material and technical base of higher educational institutions, including the attraction of free technical assistance (grant) and introduction of alternative energy sources in 632 schools in remote areas of the country are also planned through ACG funds.

In addition, the list includes projects on reconstruction and expansion of sewerage systems and improvement of drinking water supply to some cities and rural areas in the Uzbek regions.

The agency's interlocutor did not specify the volume of funds which will be involved in the implementation of each project, as the final cost of the projects and the amount of loans involved will be determined on the basis of the technical and economic assessment's approval and feasibility studies.

Reportedly, the promising areas of investment cooperation were identified by ACG members and the Uzbek government at a meeting in Tashkent in November. The agreement on attracting funds from ACG members was also reached at the same meeting.

The Islamic Development Bank, the Saudi Fund for Development, the Kuwait Fund for Arab Economic Development, OPEC Fund for International Development and the Abu Dhabi Fund for Development are ACG members.

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