Japan provides loan to Uzbekistan within socio-economic dev't

Uzbekistan Materials 16 April 2021 16:00 (UTC +04:00)
Japan provides loan to Uzbekistan within socio-economic dev't

BAKU, Azerbaijan, Apr.16


Ambassador Extraordinary and Plenipotentiary of Japan to Uzbekistan Yoshinori Fujiyama and Deputy Minister of Finance of Uzbekistan Odilbek Isakov signed exchange notes worth $195 million on April 6, 2021, in Tashkent, Trend reports citing the Uzbek media.

The notes were signed in order to implement the development policy of support program interest rate US dollar LIBOR + 110 bp. The term of maturity is 25 years (of which grace period 7 years).

In Uzbekistan, along with economic growth, the demand for electricity is increasing, which is why tasks such as managing the electricity sector, accurate statistics, financial management based on international accounting standards, and strengthening the operation and maintenance of power plants are important.

Besides, overcoming the consequences of the coronavirus infection as much as possible and promoting economic growth after the pandemic are tasks for which the entire international community, including Japan, must work together.

This dollar-denominated loan, aimed at financial support of the government of Uzbekistan, as well as to stimulate the country to address political issues in the electricity sector and contribute to socio-economic recovery, stability, and sustainable development. Also, this loan is the first loan to Uzbekistan provided on the basis of US dollars.

Japan intends to continue to promote the early resolution of the pandemic situation, as well as the restoration and stability of the international community and economy.