TASHKENT, Uzbekistan, January 29. Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved a new strategy for Uzbekistan, defining the bank's priorities in the country until 2029, Trend reports.
The bank’s new five-year strategy in Uzbekistan will be based on work in three main directions.
Among the key priorities within the first direction is further decarbonization of the economy and increasing the share of renewable energy sources in the total volume of electricity production. Particular attention will be paid to implementing methane emission reductions in line with the country's commitments.
The EBRD will also support the modernization of distribution networks and power lines and will allocate funds for the modernization of water supply, sewerage and irrigation facilities.
Under the second priority, the bank plans to expand support to the private sector through local partner banks as well as trade finance facilities.
In addition, the EBRD will continue to support improved management of state-owned enterprises and banks, and support the privatization process of state-owned enterprises.
The Bank will continue to work to strengthen Uzbekistan's regional and global connectivity, including by engaging in policy dialogue and by providing financing. This work is designed to improve transportation links, stimulate regional trade in electricity, and help remove trade barriers.
Meanwhile, Uzbekistan became the leading recipient of EBRD financing in Central Asia for the fourth consecutive year in 2023.
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.