European Investment Bank plans to enter Uzbekistan market

TASHKENT (TCA) — The Central Bank of Uzbekistan has received a delegation of the European Investment Bank (EIB) to discuss prospects and investment potential of Uzbekistan’s cooperation with the EU bank, including the allocation of credit lines to Uzbek commercial banks for financing projects of small business and entrepreneurship, the Jahon information agency reported.

The EIB delegation was headed by the Bank’s Vice-President Vazil Hudak.

The EIB adheres to the principles of “responsible lending”, which means providing funding only to those projects and borrowers that meet stringent environmental, social and other requirements of the EU, as well as “zero tolerance” against prohibited business practices.

The Bank’s scope of funding covers projects in the energy sector, infrastructure, environmental protection and social sphere, as well as the development of entrepreneurship and innovation.

Uzbekistan is interested in using the funds of the EIB for the development of alternative, renewable energy sources, energy efficiency and technology transfer. The Bank intends to share its experiences in various fields: the development of agriculture with the use of new technologies, supporting and enhancing the competitiveness of the industrial sector of Uzbekistan, development of the country’s infrastructure and other areas.

In July of this year, the Bank plans to sign a Framework agreement with the Uzbek government, which will determine the conditions of the EIB’s activity in the country.

Sergey Kwan


Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

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