WB allocates loan of $33M to Uzbekistan

Business Materials 27 May 2019 13:52 (UTC +04:00)

Baku, Azerbaijan, May 27

By Fakhri Vakilov – Trend:

The World Bank has allocated a loan of $33 million for the reform of state-owned enterprises and the state finance management system in Uzbekistan, Trend reports citing Gazeta.uz.

The Board of Executive Directors of the World Bank (WB) at the end of last week approved a new project in Uzbekistan, which is expected to contribute to the transition to a market economy, as well as create more economic opportunities and high-quality jobs.

A $33-million loan from the International Development Association (IDA is an organization within the World Bank Group) will be used to implement a project to develop institutional capacity in Uzbekistan.

This project in the field of public finance management will strengthen the capacity in the field of state budget formation, investment management, treasury system activities, accounting methods, internal control systems and internal audit.

The project also aims to increase capacity and create tools for managing and supervising state-owned enterprises, developing a public-private partnership (PPP) system and a legislative framework in this area, as well as preparing state-owned enterprises for privatization and PPP transactions.

Finally, the project will assist in the activities of the Economic Council established under the President of Uzbekistan in January 2019 to coordinate the government’s economic reforms.

The World Bank implements 20 projects in Uzbekistan totaling more than $3.5 billion, and also provides analytical and advisory services to the government of the country.


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