TASHKENT, UZBEKISTAN, March 18. The Asian Infrastructure Investment Bank (AIIB) has sanctioned $670 million in funding to bolster Uzbekistan's continuous reform efforts and facilitate the nation's shift toward an inclusive and sustainable market economy, AIIB told Trend.
The Ministry of Economy and Finance of Uzbekistan will serve as the project borrower, aimed at assisting the government of Uzbekistan in implementing reforms across three key areas: market development, enhancing fiscal risk management, and fostering social inclusion and environmental sustainability. The project encompasses various sectoral reforms in energy, agriculture, railroads, and chemicals, with the goal of establishing markets that generate positive environmental outcomes, enhancing fiscal management and procurement systems, and advancing social inclusion and environmental sustainability through improved social programs for vulnerable populations affected by economic shocks. Additionally, the reforms will enhance the efficiency of healthcare and public services in the post-pandemic era.
"We are delighted to persist in our support for Uzbekistan's journey towards a sustainable market economy. By bolstering social safety nets and aiding in mitigating climate risks, we aim to augment the efficacy of social assistance initiatives and facilitate Uzbekistan's shift towards a green economy. This aligns with AIIB's mission to finance forward-looking infrastructure that fosters enduring sustainable development," said Konstantin Limitovskiy, Vice President for Investment Operations (Region 2: Central Asia, East Asia, West Asia, Europe, Africa, Latin America, Pakistan, and Afghanistan) at AIIB.
The project receives backing from the COVID-19 Crisis Recovery Facility and is co-financed by the World Bank through its Development Policy Financing (DPF). It will be executed in collaboration with Uzbekistan's Ministry of Economy and Finance, which will undertake the responsibility for program implementation and coordination with relevant government agencies involved in the project.
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