Baku, Azerbaijan, October 1
Trend:
The European Bank for Development and Reconstruction (EBRD) has adopted a new strategy for Uzbekistan for 2018-2023, UzDaily.uz reported.
The document has been approved by the EBRD Board of Directors.
The document states that the strategy is aimed at creating an open, integrated and export-oriented economy.
The bank noted that the priorities of the government of Uzbekistan are to reduce the state's presence in the economy, improve the business environment and attract direct foreign investments.
As part of the new strategy, the bank will enhance competitiveness by strengthening the role of the private sector. In particular, the bank will support small and medium-sized businesses, as well as developing local capital markets and the strengthening of financial institutions.
The financial institution (EBRD) also intends to support the privatization of state-owned enterprises and improvement of the investment climate in Uzbekistan.
The bank will promote green energy and efficient use of resources. The bank plans to help Uzbekistan in fulfillment of its potential in the field of renewable energy sources.
The EBRD and Uzbekistan intend to cooperate in the field of energy security, improvement of the efficiency of production and electricity supplies and the uranium remediation (reclamation of soils at inactive uranium mines).
The bank will also finance projects aimed at improvement of the country's transport infrastructure and connectivity with regional networks. The bank will support regional energy cooperation.
The bank plans to mobilize through its Trade Facilitation Program (TFP) the export activity of Uzbekistan's enterprises and financial institutions.
As part of the strategy, the EBRD will assist Uzbekistan in improving its tourism potential and infrastructure.