Uzbekistan, Tashkent, Nov. 6 / Trend D.Azizov /
Further fields of joint cooperation and priority projects that will support and develop the high pace of reforms in Uzbekistan, were recently discussed at a meeting in Tashkent by representatives of the Arab Coordination Group (ACG) and Uzbek government, the report of the national news agency of Uzbekistan (UzA) stated on Wednesday.
The forum was also attended by representatives of Uzbekistan's financial and business circles.
During the meeting, ACG delegation members said they highly valued the privatisation process, the consistent reforms in the economy of Uzbekistan and the dynamic development of small business and private entrepreneurship.
Delegates were told in detail the priority directions for attracting investment into the national economy as well as the new projects being implemented.
The parties defined promising areas of investment cooperation in the social sector, agriculture and noted the importance of the implementation of projects in the fields of education, health care, utilities and support for the development of private farms in the chemical and metallurgical industry, power generation and the production of building materials.
The ACG includes the Islamic Development Bank, the Saudi Fund for Development, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development and the Abu Dhabi Fund for Development.
Uzbekistan joined the IDB in 2003. During this time the bank allocated about $300 million for the country to implement 15 projects in the field of health, education, agriculture, energy, transport and support for private entrepreneurship.
To the present day, IDB and the Uzbek government jointly implemented 10 projects with a total cost of $186.4 million and five projects worth $277.4 million are currently underway.
In January 2004, a memorandum of cooperation was signed between the Uzbek government and the Kuwait Fund for Arab Economic Development (KFAED).
At present and as part of the memorandum, the Uzbek government along with KFAED realised projects on electrification of the railway section of Tashkent Tukimachi, on the provision of 171 emergency departments of district and city hospitals with medical equipment. The projects on equipment for the Republican Specialized Centre of Cardiac Surgery with high tech medical equipment and rehabilitation of the irrigation networks and drainage system in Jizzakh and Syrdarya regions are underway.
Uzbekistan's cooperation with the OPEC Fund was launched in 2000 with the signing of an agreement for the promotion and protection of investments.
Financing agreements to a total cost of $190.4 million were signed as a result of the meeting.
In particular, the parties signed a financing agreement for the rehabilitation of the main canal Tashfaki in the Khorezm region for $90.4 million and a financial agreement on the modernisation and renovation project of two hydroelectric power plants in the Tashkent region at a total cost of $100 million.