BAKU, Azerbaijan, Nov. 22
By Fakhri Vakilov-Trend:
President of European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti plans to visit Uzbekistan in the first half of 2020 to discuss the expansion of the bank's operations in the country, Trend reports citing the press service of Uzbekistan’s Ministry of Foreign Affairs.
Uzbekistan’s Ambassador to Great Britain Said Rustamov held a meeting with the head of the EBRD. The parties discussed the implementation of the five-year strategy of the bank in the country, adopted in 2018.
Chakrabarti noted the readiness of the bank to further increase the country's portfolio.
In particular, in addition to the three additional loan agreements of $246 million signed in Tashkent on November 20 for the implementation of large socially significant projects in the Navoi, Kashkadarya and Khorezm regions, it is planned to expand assistance to projects in the field of private entrepreneurship and human capital development.
In this regard, the bank is currently considering opening its representative office in Karakalpakstan next year in addition to the existing EBRD office in Tashkent and another one recently opened in Andijan.
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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