Uzbekistan to attract resources of IDB subsidiaries for dev’t of private sector

Uzbekistan Materials 18 August 2021 14:18 (UTC +04:00)

BAKU, Azerbaijan, Aug. 18

By Klavdiya Romakayeva - Trend:

Uzbekistan and the Islamic Development Bank (IDB) have agreed to expand bilateral cooperation by attracting additional resources from the subsidiaries of the IDB - the Islamic Corporation for the Development of the Private Sector, Trend reports citing the press service of the Ministry of Investment and Foreign Trade of Uzbekistan (MIFT).

Deputy Prime Minister - Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov yesterday in the format of a video conference discussed with the newly appointed Dr. Muhammad Sulaiman Al Jasser a number of issues related to the preparation for the 46th Annual Meeting of the IDB Board of Governors in Tashkent and the general course of developing bilateral cooperation.

According to MIFT, the leadership of the IDB noted the activity of the Uzbek side in preparing for the Annual Meeting. As part of the agenda, practical issues related to the organization of the event were considered and effective algorithms for interaction in this direction were developed.

It is expected that the Annual Meeting will be attended by 57 Governors from the IDB member countries - members of governments and ministers responsible for finance, economics, planning and international cooperation, heads of central banks and other officials of member countries, as well as high-ranking representatives of international financial institutions (IFIs), international development organizations, the business sector, civil society, academia, the media and other stakeholders. More than 2,000 participants are expected to attend.

It was noted that holding an event of this level and scale will attract the attention of the general public and investors to the reforms being carried out in Uzbekistan, give a new impetus to the development of cooperation with the IDB and increase the bank's investment portfolio in Uzbekistan.

Following the talks, an agreement was reached on expanding bilateral cooperation by attracting additional resources from the IDB subsidiaries - the Islamic Corporation for the Development of the Private Sector, the International Islamic Trade and Finance Corporation and the Islamic Corporation for Investment Insurance and Export Lending to finance projects in Uzbekistan.

It was also agreed that the parties will work out an initiative to open a regional office of the IDB in Uzbekistan in the near future.


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