TASHKENT, Uzbekistan, January 26. Uzbekistan became the leading recipient of European Bank for Reconstruction and Development (EBRD) financing in Central Asia for the fourth consecutive year in 2023, Trend reports.
Uzbekistan attracted more than $760 million in financing from the Bank. The rest of the investments ($560 million) were channelled to support projects in Kazakhstan, Kyrgyzstan, Mongolia, and Tajikistan.
The Bank's funds were used to create inclusive employment opportunities, as well as to promote good business practices and climate-resilient technologies.
The EBRD continued to invest in renewable energy generation and low-carbon technologies. The bank financed the construction of three new solar power plants developed by Masdar, with a total installed capacity of about 900 MW. The Bank also provided funds to ACWA Power Wind Karatau to finance the construction of a 100 MW wind power plant (WPP) in the Republic of Karakalpakstan.
In addition, the bank provided a sovereign loan to modernize 118 pumping stations across the Ferghana Valley and improve the sustainability of irrigation in this densely populated region.
Samarkand, Uzbekistan's largest municipality, became the first city in the country to join the Bank's Green Cities Program. As part of this project, Samarkand plans to purchase environmentally friendly electric buses.
In the financial sector, the Bank continued to work with local financial intermediaries such as SQB, Hamkorbank and Ipoteka Bank to support small and medium-sized enterprises (SMEs) and promote green lending.
Meanwhile, EBRD invested more than $ 1.3 billion in projects across Central Asia in 2023 to stimulate the region’s sustainable and inclusive growth. Central Asia's sustainable and inclusive growth is expected to continue at a pace of 5.9 per cent in 2024.