IFC to expand co-op with Uzbekistan in energy sector, agriculture (Exclusive)

Business Materials 24 July 2019 15:23 (UTC +04:00)

Baku, Azerbaijan, July 24

By Fakhri Vakilov - Trend:

To support greater private sector participation in Uzbekistan, International Financial Corporation (IFC) intend to expand operations with Uzbekistan in areas such as energy, manufacturing, services, and agriculture business, IFC Country Officer for Uzbekistan Zafar Khashimov told Trend in an interview.

In the financial sector, IFC focus on financial institutions engaged in lending and leasing operations to support small- and medium-sized enterprises, microfinance, agribusiness, and food processing.

“Together with the World Bank, we are also supporting Uzbek government’s privatization programs in the banking and chemicals sectors. We also stand ready to support the government in establishing a strong pipeline of public-private partnerships,” Khashimov noted.

There is great potential in the power, transport, healthcare, and education sectors of Uzbekistan—and public-private projects can help realize that promise.

“We welcome Uzbekistan’s wide-ranging reforms to boost the economy and we are committed to supporting the reform agenda by expanding our activities in the country,” Khashimov said.

To help improve the investment climate and remove barriers to greater private sector investment, IFC and the World Bank have already worked closely with the government to develop a new tool called the Country Private Sector Diagnostic. It identifies constraints to creating markets and unleashing private investment in selected areas.

The diagnostic shows Uzbekistan can create private-sector-led, export-oriented economic growth by reforming and modernizing promising sectors, such as air transportation, information and communication technology, chemicals, and horticulture.

“Ultimately, I am a big believer in the future of Uzbekistan. The country has taken bold steps to remake its economy and create opportunities for its people. And as that process continues, IFC will be here to help,” he stated.

Recently Trend reported that IFC may take part in modernization of Syrdarya TPP

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in developing countries. The Bank Group has set two goals for the world to achieve by 2030: end extreme poverty and promote shared prosperity in every country.


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