World Bank Allocates $800 Million to Support Uzbekistan’s Market Economy Transition

The World Bank has allocated $800 million to accelerate Uzbekistan's transition to an inclusive and stable market economy. The government’s reform program, supported by the World Bank, aims to improve Uzbekistan’s business environment, increase agriculture, railways, and energy efficiency, improve public finance management, expand social services, and enhance readiness for environmental risks. Finance provided by the World Bank through highly concessional loans, is reported to offer the government low-cost, long-term repayment options "more favorable than those available in international financial markets." The financial package aims to achieve concrete results in the social protection system, combating gender-based violence, land security for farmers, business environment, public finance management, tackling climate change, water resource management, and environmental and climate assessment. It also includes reforming climate-sensitive investment in the railway and energy sectors. Uzbekistan has received $100 million from the World Bank in May to develop social protections. On 21 June, it was announced that Uzbekistan is the first country worldwide to receive payment from the World Bank for reducing carbon emissions through a policy crediting program and to date, has been awarded a $7.5 million grant for cutting 500,000 tons of carbon emissions.