Page 655 – The Times Of Central Asia

02 Jul 2024

Central Asia, Uzbekistan, International Affairs, Uzbekistan Business & Economy, Business & Economy, Uzbekistan International Affairs

The National Bank of Uzbekistan Places Bonds on the London Stock Exchange

July 2, 2024
By Times of Central Asia

JSC National Bank for Foreign Economic Activity of the Republic of Uzbekistan (Uznatsbank) has successfully placed bonds on the London Stock Exchange in two tranches totalling $411 million : $300 million maturing in 5 years, and 1.4 trillion UZS ($111 million) maturing in 3 years.

Uznatsbank’s placement of the bonds follows Uzbekistan’s successful placement of sovereign bonds, totalling $1.5 billion in three currencies, in international financial markets on May 21.

Funds raised by bonds on the London Stock Exchange will primarily be used to carry out directives, issued by the President of Uzbekistan at a meeting on May 20, to attract foreign investment by commercial banks. Monies will also be invested in critical projects across various economic sectors to stimulate the country’s economic growth.

Uznatsbank is one of the Uzbekistan’s first commercial banks to place bonds in the national currency in the international financial market and as such, the transaction will serve as a benchmark for other commercial banks and enterprises of the country.

The London Stock Exchange, founded in 1801, is one of world’s leading stock exchanges.

02 Jul 2024

Central Asia, Tajikistan International Affairs, Tajikistan Business Economy, Tajikistan, International Affairs, Business & Economy

Representatives of World Bank and IFC Speak About Projects in Tajikistan

July 2, 2024
By Times of Central Asia

The President of Tajikistan, Emomali Rahmon received Vice President of the World Bank, Antonella Bassani and Vice President of the International Finance Corporation, Hela Cheikhrouhou. The meeting was followed by a press conference wherein joint projects were spoken about, Avesta.tj has reported. According to Bassani, the parties discussed the state of their bilateral partnership and cooperation between Tajikistan and the World Bank.

Twenty-five projects worth $1.7 billion are being implemented in Tajikistan under the International Development Association. These projects cover investment development, political reform implementation, energy, water supply, agriculture, education, health, natural resource management, and other sectors.

“The meeting also discussed promising areas contributing to deepening and expanding cooperation. We concluded that in the area of drinking water supply, it is necessary to intensify further actions in this direction and improve cooperation,” the World Bank Vice President said, noting that the government’s efforts to promote reforms are appreciated.

Vice-President of the IFC, Hela Cheikhrouhou said that simplifying entrepreneurship for young people and women was also on the agenda. “The International Finance Corporation team decided to introduce global knowledge and experience into the private sector, which can become a source of quality jobs and economic development in Tajikistan,” she stated. Cheikhrouhou also noted that she looks forward to cooperating within the framework of the Roadmap to reduce barriers to entrepreneurship and provide opportunities for young people, women, and girls to create successful enterprises in various sectors of Tajikistan’s economy.

“The International Finance Corporation for Tajikistan has sent $60 million of investments in the last 12 months, and we intend to increase it soon,” Cheikhrouhou emphasized.

02 Jul 2024

Uzbekistan, Uzbekistan Business & Economy, Uzbekistan Life & Culture

Uzbek Electronics Retailer Secures EBRD $10 Million Loan

October 8, 2024
By Times of Central Asia

On July 1, the European Bank for Reconstruction and Development (EBRD) announced its support to further develop retail standards and e-commerce in Uzbekistan by financing the expansion of one of the country’s leading consumer electronics and household appliances chains, CA-store (formerly Credit Asia).

The loan of up to $10 million will finance the working capital required by CA-store for its expansion beyond the capital city of Tashkent. It is expected that in the coming years, the Uzbek retailer will extend its business to all the country’s major cities.

The funds will also be used to develop CA-store’s online sales by introducing new e-commerce standards in Uzbekistan’s fast growing e-commerce market and offer online shopping to customers across the country.

CA-store’s increased regional coverage will contribute to the reduction of the shadow economy by offering authentic goods and fully complying with national tax requirements.

Integral to the project, is a commitment by CA-store to create equal and fair employment opportunities for staff.

02 Jul 2024

Central Asia, Turkmenistan, Turkmenistan International Affairs, International Affairs, Turkmenistan Business & Economy, Business & Economy

Turkmenistan to Start Cargo Transit via Iranian Railroads

July 2, 2024
By Times of Central Asia

Turkmenistan will start the transit of cargo along the Resht-Kaspian railroad line in Iran, as reported by the publication, Turkmenistan: Golden Age, citing Milad Salehi, the Director General of Railways of the Islamic Republic of Iran. Sulfur transit from Turkmenistan will start along this route next week.

The Resht-Kaspian railroad is an important part of the North-South international transportation corridor connecting the Caspian Sea with the Persian Gulf and the Sea of Oman. It also links the north and south of the country. This route opens up new opportunities for cargo transit from Central Asia to the Middle East and South Asia.

02 Jul 2024

Central Asia, Kazakhstan, Kazakhstan Business & Economy

Kazakhstan to House One of Central Asia’s Largest E-Commerce Distribution Centres

October 8, 2024
By Times of Central Asia

On July 1, Minister of Trade and Integration of Kazakhstan Arman Shakkaliev met Chairman of the Board and founder of China’s YTO Express Co., Yu Weijia, to discuss the construction of one of the largest e-commerce distribution centres in Central Asia.

As reported by the Ministry of Trade and Integration, the introduction of intelligent IT solutions to fully automate logistics processes and provide customs support for deliveries, will enable the prompt processing of goods destined for European Union, Eurasian Economic Union and Central Asian countries.

During the meeting, Minister Shakkaliev noted the rapid development of the e-commerce market in Kazakhstan, demonstrated by an annual growth rate exceeding 20%, and stated:

“China’s e-commerce market is astonishing in terms of volume, where more than 70 percent of sales are made online. Kazakhstan, with its favorable geographical location, aims to become a key transit zone for international e-commerce. The joint project with Kazpost to establish a distribution centre in Kazakhstan will give a new impetus to the development of cross-border trade.”

Emphasizing the project’s unique status in Central Asia, Yu Weijia remarked, “This is a long-term project that will strengthen mutually beneficial and productive cooperation between the two countries. As part of this cooperation, we opened 3 bonded warehouses in China: in Shanghai, Nanjing and Wuhan. This project is the only one in Central Asia that will cover the whole region.”

02 Jul 2024

Kazakhstan, Kazakhstan Environment

Kazakhstan’s Caspian Sea Level Rises by Over a Metre

July 2, 2024
By Times of Central Asia

On July 1, Kazakhstan’s Ministry of Water Resources and Irrigation announced that the water level in the north-eastern part of the Caspian Sea in the Atyrau region, has risen by 119 cm since the beginning of 2024.

The increase is due to the abundant inflow of floodwater, during April-May, from the Zhaiyk River and additional canals laid by the ministry.

During the spring floods, some 7.4 billion cubic meters of water entered the Caspian Sea via the Zhaiyk River, whilst 350 million cubic metres of floodwater were channelled into the sea in Atyrau, via the additional canals.

Vice Minister of Water Resources and Irrigation Nurlan Aldamzharov commented: “A total of 12.4 billion cubic meters of floodwater was sent to reservoirs, estuaries, and water meadows. Since the beginning of the floods, 3.3 billion cubic meters of water have been sent to Lake Balkhash. In addition, active filling of the Northern Aral Sea continues, with an inflow of more than 1.1 billion cubic meters of water since the beginning of the year.”