BAKU, Azerbaijan, Nov. 15
By Fakhri Vakilov - Trend:
International Bank for Reconstruction and Development (IBRD) will provide a loan of $500 million to Uzbekistan, as was stated in a resolution of Uzbekistan’s President Shavkat Mirziyoyev, Trend reports citing “Norma” information and legal portal.
The loan agreement with the IBRD was signed on July 19, 2019.
The loan has a repayment term of 30 years, including a 5-year grace period. It goes to finance the republican budget expenditures within the framework of the project “Support to market reforms in Uzbekistan” with the participation of the World Bank.
Uzbekistan's Ministry of Finance is responsible for coordinating and monitoring the implementation of the project and for the targeted and effective use of the IBRD loan. Central Bank, State Statistics Committee, the Ministry of Labor and the Ministry of Finance are the project implementation agents.
Repayment of a loan, payment of interest, commissions and other payments is made from Uzbekistan’s republican budget.
The International Bank for Reconstruction and Development is a global development cooperative owned by 189 member countries.
As the largest development bank in the world, it supports the World Bank Group’s mission by providing loans, guarantees, risk management products, and advisory services to middle-income and creditworthy low-income countries, as well as by coordinating responses to regional and global challenges.
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