Uzbekistan allocates significant funds for modernization of agriculture
BAKU, Azerbaijan, Aug. 12
By Ilkin Seyfaddini - Trend:
Uzbekistan will invest $659.3 million in the modernization of the country's agriculture in the period from 2020 through 2026, Trend reports with reference to information-legal portal Norma.uz.
As reported, a corresponding presidential resolution was adopted on measures to modernize Uzbekistan's agriculture with the participation of the International Bank for Reconstruction and Development and the International Development Association (IDA).
On March 20, 2020, to finance the project on modernization of Uzbekistan's agriculture, the World Bank's Board of Directors approved a loan of $181 million by the International Bank for Reconstruction and Development (IBRD), including a 10-year grace period; and a loan of $100 million by the IDA, including a 10-year grace period, as well as a preferential loan of $219 million with a 5-year grace period.
The total value of the project is $659.3 million, of which Uzbekistan's share is equivalent to $159.3 million.
The project is being implemented in all regions of the country. Timely and full implementation as well as its effectiveness shall be ensured by the Ministry of Agriculture. The executive body responsible for timely and full implementation, management, monitoring and reporting of the Project during its implementation is the Agency for the Implementation of Projects in the Field of the Agro-Industrial Complex and Food Supply.
Savings resulting from these benefits are considered as Uzbekistan's contribution to the project implementation.
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