World Bank to allocate $150 million for Uzbekistan’s agriculture

World Bank to allocate $150 million for Uzbekistan’s agriculture

Tashkent, Uzbekistan, Apr.25

By Demir Azizov- Trend:

The World Bank and the government of Uzbekistan have signed a $150 million worth loan agreement for development of fruit and vegetable growing in the country, said the message from the WB.

The project worth $183.13 million was approved by the WB board of directors in June 2014 and was directed for assisting farmers in the sphere of fruit and vegetable growing, said the message.

The project envisages improving the access to the technologies, knowledge and markets, strengthening the technical and management potential in the agro-industrial sector and others.

It is expected that the implementation of the project will allow to create a large number of jobs in the processing, trade and export spheres of the agricultural industry and increase the added value in the sphere of agriculture.

The project will be implemented in eight regions of Uzbekistan, namely, in Andijan, Jizzakh, Fergana, Kashkadarya, Namangan, Samarkand and Tashkent provinces, as well as in Karakalpakstan.

This is the first project in the portfolio of transactions of the WB Group in Uzbekistan where the WB and the International Finance Corporation will unite efforts for its implementation.

IFC will support the food producers and the processing agricultural enterprises of the republic in applying the internationally recognized solutions. This is necessary to ensure food safety, to help the companies in the production-supply chain of the agro-industrial complex to improve their competitiveness and long-term sustainability.

Moreover, IFC's support will increase the potential of the commercial banks' staff, by encouraging all types of lending for agriculture. This will allow the farmers-producers of the production-supply chain reaching the markets.

The project is a part of the partnership strategy of the WB group with Uzbekistan for 2012-2015. It is aimed at assisting the country in diversifying the agriculture through the high-value crops, intensifying the crop yields and agricultural productivity, as well as improving the efficiency of the infrastructure and competitiveness of the economy, the statement said.

Uzbekistan joined the WB in 1992. The bank's activity in the country is aimed at improving people's livelihood through support for economic reforms, modernization of the infrastructure and the social sectors, providing the Uzbek government and people with knowledge and experience.

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