WB to give Uzbekistan additional financing for project on agricultural enterprises support

Tashkent, Uzbekistan, Feb. 11

Trend - Demir Azizov

The World Bank and Uzbek government signed a loan agreement worth $40 million as additional financing for the second phase of the project on support to the country's agricultural enterprises, according to message from the bank.

The WB board of directors approved the allocation of this loan in September 2012.

The additional loan will be given to Uzbekistan for 25 years with the help of funding from the International Development Agency (IDA is part of the World Bank) with a five-year grace period, at an annual interest rate of 1.25 percent.

"The project will help farmers to increase labor productivity, improve their financial and environmental sustainability, as well as improve the profitability of agricultural businesses," the bank said.

The additional loan, which was granted to Uzbekistan with the help of IDA funds, will be allocated to finance farmers and replenish their capital through local financial institutions.

It was previously reported that, in 2001 the International Bank for Reconstruction and Development (IBRD, member of the WB) provided Uzbekistan with a $36 million loan for a project worth $43.45 million to support agriculture enterprises in five regions of the country. The loan was granted for a period of 20 years, including a five-year grace period, based on London Interbank Offered Rate (LIBOR).

Some $13.2 million out of the total loan was directed to reconstruction of the irrigation and drainage network covering an area of 162,000 hectares, some $5.9 million - to open credit lines for agricultural enterprises, $12.8 million - for the purchase of agricultural machinery, spare parts and sowing material.

In 2008, the World Bank gave Uzbekistan a credit in the amount of $67.96 million for the implementation of the second stage of the project on agricultural enterprises support. The project in the total amount of $74.76 million was the continuation and used the results of the first stage of the project on agricultural enterprises support. It was directed at the increase of productivity, financial and ecologic stability, rehabilitation of irrigational and drainage systems, refinement of management in newly-created farm households and enterprises of agricultural business.

The credit was given from the funds of the International Agency for Development for 40 years including a grace period, at a rate of 0.75 percent.

Uzbekistan joined the World Bank in 1992. Since 1995, the Bank has given Uzbekistan credits and loans in the total amount of $2 billion for the implementation of projects in the sphere of privatization, development of the financial sector, modernization of agriculture, electric energy, and refinement of social infrastructure, public health and education.

According to the partnership strategy with Uzbekistan confirmed by the bank, in 2012-2015, the Bank intends to help the republic to implement 15 investment projects in the spheres of energy, transport, melioration, petrochemistry, textile industry, processing of agricultural products and increasing the quality of medical services in the amount of $1.3 billion.

Translated by R.A.

Edited by C.N.

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