TASHKENT, Uzbekistan, December 10. The Board of Executive Directors of the World Bank has approved $800 in support for development policy in Uzbekistan, Trend reports.
As per data provided by WB, within the investment framework, the Uzbek government will be provided with financial assistance for the implementation of a new stage of social, economic and climate reforms with a purpose to accelerate the country's transition to a market economy, ensure equal economic opportunities for citizens and create a solid foundation for sustainable growth of the national economy.
"The new World Bank operation is aimed at supporting key government priorities, including reducing the state's dominant position in important sectors such as agriculture, rail transport, chemical industry and energy. Appropriate measures will allow the private sector to participate more actively in the development of these industries. This operation will also help strengthen the social and legal protection of vulnerable groups of the population and solve problems related to climate change and environmental protection," Marco Mantovanelli, head of the World Bank representative office in Uzbekistan noted.
As part of the operation, the World Bank will provide financial support to Uzbekistan at a lower interest rate and for a longer period compared to the borrowing options currently available on international financial markets.
As a result, the costs associated with the payment of loan funds will be significantly lower for Uzbekistan. In turn, this will allow the country to save significant financial resources that can be directed to the implementation of priority socio-economic tasks.
"The government is firmly committed to a reform program that will transform Uzbekistan into a more open and competitive market economy. The World Bank supports the country in achieving this goal by providing the necessary expertise, international experience and financing," Zhasur Karshibayev, Deputy Minister of Economy and Finance of Uzbekistan said.