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TASHKENT (TCA) — The European Bank for Reconstruction and Development (EBRD) Board of Directors has approved a new strategy for Uzbekistan which sets out the Bank’s priorities in the country for the next five years. The strategy reflects recent changes in the country’s political and macroeconomic environment and is aimed at the creation of an open, integrated and export-driven economy, the Bank said on September 28. Continue reading
TASHKENT (TCA) — A delegation from the European Bank for Reconstruction and Development’s (EBRD) Board of Directors will visit Uzbekistan from 19 to 23 March. The visit, which is part of preparations for the Bank’s medium-term strategy for the country, will help the Directors to assess reforms taking place in Central Asia’s most populated country, the EBRD said. Continue reading
TASHKENT (TCA) — The European Bank for Reconstruction and Development (EBRD) provided US $30 million to the fourth largest financial institution in Uzbekistan, Joint-Stock Commercial Mortgage Bank Ipoteka-Bank. The financing package consisting of a $25 million credit line to support micro, small and medium-sized businesses (MSMEs) and a trade finance limit of up to $5 million under the EBRD’s Trade Facilitation Programme (TFP) was signed in Tashkent on December 22, the EBRD said. Continue reading
TASHKENT (TCA) — Sodiq Safoev, the First Deputy Chairman of the Senate of Uzbekistan and EBRD Governor for Uzbekistan, addressed the EBRD Board of Directors in London on December 13. It was the first high-level visit of an Uzbek official since the resumption of the Bank’s full operations in the country in November 2017, the EBRD press office said. Continue reading
TASHKENT (TCA) — The European Bank for Reconstruction and Development (EBRD) is ready to increase its engagement in Uzbekistan. In a speech in the capital Tashkent the Bank’s First Vice President Phil Bennett praised reforms in the Central Asian country in recent months and emphasised the importance of economic integration: “Integration allows countries to opt into institutional arrangements of a high standard, and more generally, acts as a discipline on governance, legal, regulatory and other institutions,” the EBRD press office reported on November 9. For the Uzbek economy to make further progress in mobilising investment is key, Mr Bennett stressed. A crucial role in this falls to attracting foreign direct investment: “FDI provides, through acquisition of business or assets or starting an enterprise, the closest link to the host country, and thus the greatest impact,” the EBRD First Vice President said. To attract long-term and committed investment three factors stand out: market potential, business opportunities and an enabling environment. “The first two factors are clearly present in Uzbekistan. It would be a miss to overlook the third!” Mr Bennett stressed. With the recent liberalisation of currency conversion “a key step has been taken,” he said, but also warned: “There is more to be done.” Following the recent developments in Uzbekistan the EBRD has welcomed the opportunity to reengage in the country and followed this up with rapidly developing new projects. The Bank opened a new office in Tashkent on November 8. In addition, First Vice President Bennett signed three projects for a total value of US$ 120 million with local companies during his stay in Uzbekistan this week. More investments are in preparation: “We have a strong pipeline of projects across many sectors which we will be implementing in the coming year,” Mr Bennett said. About Uzbekistan’s prospects he added: “I cannot but think of the exceptional legacy of the Silk Road, which for centuries brought people together in peace across continents, regardless of religion and race, to trade with each other. The spirit of the Silk Road is alive today, 500 years later.” The speech at Westminster International University in Tashkent was one of the highlights of Mr Bennett’s visit to Uzbekistan this week, his first stay in the country where he met Prime Minister Abdulla Aripov and other senior officials. The new EBRD office in Uzbekistan is headed by Associate Director Alkis Vryenios Drakinos and supports the expansion of the Bank’s operations in the country. The EBRD’s near-term objectives in Uzbekistan are to support domestic small and medium-sized enterprises and promote trade finance and cross-border cooperation, as well as to facilitate FDI and support the government’s reform efforts, including those aimed at improving the investment climate. Mr Bennett will conclude his visit to Uzbekistan with a speech at the International Conference on Security and Sustainable Development in Central Asia in Samarkand on November 11.
TASHKENT (TCA) — Fresh investments into the agribusiness sector mark a new phase of the European Bank for Reconstruction and Development’s (EBRD) engagement in Uzbekistan. The Bank is stepping up its efforts to support the country in its efforts to become a major agricultural producer in Central Asia, the EBRD press office said on November 9. Continue reading
