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Drawdowns in ADB loan account in Uzbekistan up 2.5 times

Finance Materials 15 October 2019 14:17

Baku, Azerbaijan, Oct. 15

By Fakhri Vakilov-Trend:

Drawdowns in the Asian Development Bank (ADB) loan account for the projects implemented in Uzbekistan as part of an active portfolio amounted to $470.5 million from January to September 2019, or 80.2 percent of the annual forecast, Trend reports citing the press service of the Ministry of Investment and Foreign Trade of Uzbekistan.

During the meeting with management of the ADB office in Uzbekistan hosted by the ministry, the course of the implementation of investment projects with the ADB's participation was discussed.

ADB Country Director for Uzbekistan Cindy Malvichini gave a positive assessment to the rate of drawdowns in ADB loan accounts as part of ongoing projects in Uzbekistan and noted 2.5 times growth compared to last year.

In the course of the portfolio review, progress in the implementation of joint initiatives, current issues and their solutions to ensure the fulfillment of the forecast for the development of borrowed funds were considered.

The initiators of these projects were acquainted with the preparation of tender documents and procedures including those related to the hiring of consultants and contractors and procurement process.

To date, 25 investment projects totaling $ 3.9 billion are being implemented with the participation of ADB in Uzbekistan, with an annual forecast of drawdowns in ADB soft loans in the amount of $587 million.

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