BAKU, Azerbaijan, June 21
By Klavdiya Romakayeva - Trend:
The International Finance Corporation (IFC) and Uzbekistan signed an agreement to support the modernization of the chemical industry and fertilizer production, Trend reports referring to the press service of Uzbek finance ministry.
According to the ministry, a new cooperation agreement between the IFC, a member of the World Bank Group, and the government of Uzbekistan aims to attract investment in the sector and encourage the adoption of sustainable practices.
IFC Vice President for Europe, Central Asia, Latin America and the Caribbean Georgina Baker said that given its rich natural resources, Uzbekistan could become a major exporter of chemical products and fertilizers
“Through this partnership, we aim to support Uzbekistan in modernizing the sector and attracting international companies to invest and introduce the latest solutions and best practices needed to create a sustainable chemical industry in the country,” she said.
Uzbekistan, the most populous country in Central Asia, is undergoing unprecedented economic transformation. As of May 1, 2021, IFC's investment portfolio in Uzbekistan amounted to $160 million.
It is noted that IFC's advisory programs aim to assist Uzbekistan in preparing for the privatization of state-owned banks, developing and diversifying the financial market, transforming the cotton sector, developing the chemical industry, and piloting public-private partnerships (PPPs) in the energy and health sectors.
IFC, part of the World Bank Group, is the largest global development assistance agency focusing on the private sector in emerging markets. IFC operates in over 100 countries, using its capital, expertise and influence to create markets and opportunities in developing countries.
In FY2020, IFC invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and accelerate shared prosperity.
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