TASHKENT, Uzbekistan, November 11. Uzbekistan’s Uzpromstroybank and the Asian Development Bank (ABD) have signed a loan agreement in the amount of $50 million, Trend reports.
The document was signed within the framework of the meeting between the representatives of the Asian Development Bank, the Ministry of Economy and Finance of Uzbekistan and the Uzpromstroybank JSCB.
During the meeting, the following areas of cooperation were identified as high priorities:
digital transformation of Uzpromstroybank
implementation of the principles of environmental, social and corporate governance (ESG)
The signed agreement is said to contribute to achieving the goal of diversifying the resource base of Uzpromstroybank and expanding the financing of micro, small and medium-sized businesses (MSMEs).
In addition to financial cooperation, ADB continuously interacts with the bank's specialists in improving their professional skills and qualifications.
Meanwhile, some of the recent ABD investments in Uzbekistan include a $200 million loan to modernize the transmission and distribution system of electricity in Uzbekistan.
The projects will be implemented within the framework of Digital Transformation and increasing the stability of the distribution network program. Thus, 26 distribution substations in the regions of Uzbekistan will be upgraded to digital substations, including supervisory control and data acquisition (SCADA).
The implementation of this project is planned to supply additional energy necessary to meet the growing demand in the country.