BAKU, Azerbaijan, May 8. The German KfW IPEX-Bank (a state-owned bank that provides support for international project and export financing) noted Uzbekistan’s urge for green energy transformation, a source from the bank told Trend.
“We see further demand in the country for the transformation of the energy industry, primarily wind power, solar energy, and hydrogen, as well as water and waste management infrastructure,” the source from the bank said.
The source said KfW IPEX-Bank sees possibilities in energy, infrastructure, mobility, industry, and commerce. Uzbekistan's mining projects could boost Germany's raw material security.
The source said the bank frequently participates in interbank lending structures for local Uzbek customers in textiles, construction, and other industries to help German and European suppliers.
Meanwhile, Uzbekistan implemented 107.1 trillion soums ($8.4 billion) of investments in fixed capital from January through March 2024.
Attracted funds financed a total of 81.3 trillion soums ($6.4 billion), or 75.9 percent, of investments in fixed capital, while enterprises, organizations, and the population's own funds financed 25.8 trillion soums ($2 billion), or 24.1 percent.