BAKU, Azerbaijan, Nov. 14
By Fakhri Vakilov-Trend:
Council of Foreign Investors with the participation of European Bank for Reconstruction and Development (EBRD) has been created under Uzbekistan’s President Shavkat Mirziyoyev, Trend reports citing Uzbekistan's information and legal portal "Norma".
The Council is created as part of measures to expand cooperation with EBRD in order to further improve the investment climate in the country as well as to attract more foreign direct investment in priority sectors of the economy.
The Council will advise Uzbekistan’s Government on the most important areas of investment, industrial, technological and innovative development of the country based on the most successful experience and achievements of world practice.
The council will be composed of leaders and representatives of foreign companies, banks, international financial institutions and foreign government financial organizations, including EBRD.
Plenary sessions of the council will be held annually; interim sessions - at least twice a year.
At the beginning of November, number of issues was discussed on the strategy of the road economy and the master plan of the transport sector for the period 2020-2030 at a meeting of Uzbekistan’s PPP Agency with representatives of the EBRD. Particular attention was paid to the development of alternative methods of financing transport, including road, infrastructure.
Last year, the EBRD Board of Directors approved a new strategy for Uzbekistan, which defines the bank's priorities for the next five years.
Following the adoption of a new country strategy for Uzbekistan, in 2018 the EBRD signed 12 projects worth almost €400 million, a record level of business for the Bank in the country in a single year. Significant investments were made in the municipal and power infrastructure sectors, including the rehabilitation of water and wastewater infrastructure in the Fergana Valley, as well as in banking and industry.
This year, the EBRD has already invested almost €250 million into Uzbekistan's economy.
To date, the EBRD has invested €1.3 billion through 70 projects in the economy of Uzbekistan. Support of small businesses is particularly important as the country moves to reform its economy and strengthen its private sector.
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