US OPIC to resume financing projects in Uzbekistan

Finance Materials 28 January 2019 11:54 (UTC +04:00)

Baku, Azerbaijan, January 28


The US Private Foreign Investment Corporation (OPIC) will resume financing projects in Uzbekistan, Trend reports via Podrobno.uz

This was announced after the negotiations of Hosiyatli Bog ’Plus farm delegation from Jizzakh region with OPIC representatives.

The purpose of negotiations in Washington was to discuss the prospects for cooperation in the creation of an intensive garden and a modern greenhouse in the Bakhmal district of Jizzakh region.

"The project worth $21 million provides for planting over 180 hectares of apple, almond and sweet cherry seedlings on the land plot as well as the construction of modern high-performance greenhouses, installation of refrigeration chambers and drying equipment from leading world manufacturers," the press service of the Foreign Ministry said.

The established production facilities will allow the cultivation of agricultural products, their processing and export mainly to the neighboring countries of Uzbekistan, as well as Russia. It is planned to create up to 150 jobs, half of which will be occupied by women.

The launch of the project is scheduled for March 2019 while production will reach full capacity by 2021. This will be the first project financed by OPIC after the signing of a memorandum of cooperation between the State Investment Committee of Uzbekistan and the Corporation for Private Foreign Investment in the framework of the official visit of President Shavkat Mirziyoyev to the USA in May 2018.

Currently, a number of other investment projects are being worked out together with OPIC in the field of hotel business, the development of private medical services and agriculture.

The US corporation OPIC that implements programs to support private investment in developing countries has assets amount to $30 billion and was established in 1971.