Baku, Azerbaijan, June 29
By Fikret Dolukhanov – Trend:
The World Bank will provide Uzbekistan a $500-million loan to support transformation of the country's economy, Uzbek media reported on June 29.
The loan will be allocated within the framework of the Development Policy Operations (DPOs), which will assist the government in transforming Uzbekistan into a successful market economy.
The DPOs support the goals of the “Development Strategy of Uzbekistan in 2017-2021” and focus on creating foundation for sustainable economic growth and stability, developing markets to stimulate private sector growth and creating new jobs and to expand the social protection of vulnerable groups to mitigate possible adverse economic reforms.
“Uzbekistan is currently at an important stage of its historical transformation. The loan provided by the Bank is aimed at supporting key social and economic reforms,” Vice President of the World Bank for the Europe and Central Asia Region Cyril Muller said.
In turn, Regional Director of the World Bank for Central Asia Lilia Burunchuk noted that the DPOs complement the funding and technical assistance provided to Uzbekistan by other international donors and will help attract more investment in the private sector of the country.
In addition to the DPOs, the World Bank has supported the implementation of 17 projects in Uzbekistan totaling over $2.8 billion. They contribute to improvement of agriculture, energy, transport, health, education, urban development, water supply and sanitation services, promoting economic growth and improving the well-being of the population.
Follow the author on Twitter: @FDolukhanov