• KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 46

Uzbekistan’s Transition to Market Economy to Accelerate

Uzbekistan’s Transition to Market Economy to Accelerate The World Bank’s Board of Executive Directors on December 8th approved a Development Policy Operation to financially support the Government of Uzbekistan in implementing a new generation of economic, social, and climate reforms. The objective of these reforms is to expedite the country’s transition to a market economy, ensuring that economic opportunities are accessible to all citizens and creating a strong foundation for sustained growth. In Uzbekistan, despite significant progress in the transition to a market economy, there is a need to complete this process and to shift urgently towards a greener and more equitable economic model which would help the country achieve its development and environmental goals. The government aims to halve the poverty rate by 2026, and elevate the country to the status of an upper-middle-income economy by 2030. Achieving these objectives requires much faster growth, which is possible through reducing state control over the economy and empowering the private sector to become the primary driver of economic development. “The World Bank’s new operation supports key government priorities, including reducing state dominance in crucial sectors such as agriculture, railway, chemicals, and energy,” said Marco Mantovanelli, World Bank Country Manager for Uzbekistan. “This will allow for greater private sector participation in the given areas. The operation also aims to strengthen social and legal protection for vulnerable groups, and address pressing issues of climate change and environmental protection.” The World Bank will provide financial support to the government through a combination of highly concessional and low-cost loans totaling $800 million. The financing will offer the government a low-cost, long-term repayment option compared to what would be available in international financial markets, resulting in a significantly lower loan repayment cost. This, in turn, will free up more resources for the country’s urgent development priorities. “The Government has a strong commitment to reforms that will transform Uzbekistan into a more open and competitive market economy. The World Bank is supporting the country in achieving this goal by providing the necessary expertise, international experience, and financing,” said Jasur Karshibaev, Deputy Minister of the Economy and Finance of Uzbekistan. The financing from the World Bank operation will support the government’s reforms and actions in a number of critical areas, including: Energy sector: Establishing an independent energy regulator and implementing energy tariff reform to improve the energy sector’s performance, enhance the efficient use of energy resources, attract private investment in modernizing energy infrastructure, and promoting competition and private sector participation in the industry. Railway sector: Undertaking institutional reforms in the railway sector to modernize price setting for passenger and freight transportation and strengthen competition and the institutional environment in the industry. Chemical sector: Establishing a framework for institutional reforms in the chemicals sector and privatizing FerganAzot JSC, a large state-owned chemical plant, to liberalize the sector, attract private investments for its modernization, and enhance competition and efficiency in the industry. Agriculture sector: Abolishing the crop placement system for all crops to promote greater diversity and productivity in crop...

ADB Helps Support Privatization, Expand Lending to MSMEs in Uzbekistan

According to a press release by the Asian Development Bank (ADB), the bank, in partnership with Sanoat Qurilish Bank (SQB) have signed a $50 million senior convertible loan to support Uzbekistan’s privatization of state-owned banks, which will strengthen the banking sector, and contribute to economic growth and job creation. The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) are parallel lenders. The loan will be used to help SQB expand its financing to underserved micro, small, and medium-sized enterprises (MSMEs), including those owned or led by women (WMSMEs). Portfolio diversification will contribute to SQB's transition into a fully universal commercial bank by serving a broader customer segment. ADB will also provide technical assistance to help SQB implement its transformation roadmap. “ADB fully supports the Government of Uzbekistan in its transformation to a vibrant and inclusive market economy and its implementation of banking sector reforms”, said ADB’s Director General of the Private Sector Operations Department, Suzanne Gaboury. “This project will support the stability of the country’s banking system, capitalization and deposit levels, while strengthening resilience and lending to climate projects and underserved MSMEs and WMSMEs”. According to ADB’s Uzbekistan Country Director, Kanokpan Lao-Araya, “MSMEs continue to struggle to secure commercial financing to fund their growth, with women-owned enterprises being the most affected. ADB is supporting an enabling environment in Uzbekistan for MSMEs gain easier access to markets, as well as providing much needed financing to close the financing gap for MSMEs. ADB’s partnership with SQB builds on those two objectives”. MSMEs play a significant role in Uzbekistan’s economy, comprising the majority of registered businesses and employing 74% of the workforce. However, access to financing remains a challenge, with only 13% of the sector having access to commercial loans. Women-led businesses face an even greater financing gap, estimated at $2.7 billion, with loans to women-owned businesses making up just 2.5% of total bank loans.

Kazakhstan: National Welfare Fund Samruk-Kazyna to launch IPO of 8 more companies

NUR-SULTAN (TCA) — Kazakhstan’s National Welfare Fund Samruk-Kazyna is planning to hold an initial public offering (IPO) and sell off another eight companies affiliated with it to strategic investors, Sputnik news agency reported with reference to the Fund’s press service. Continue reading

Uzbekistan allows land privatization

TASHKENT (TCA) — President of Uzbekistan Shavkat Mirziyoyev signed a new law on August 13 which allows the privatization of non-agricultural land for the first time in the country's history, Xinhua news agency reported. Continue reading

Uzbekistan plans to sell most of its power plants to private investors

TASHKENT (TCA) — Uzbekistan is planning to sell most of its thermal power plants to private investors within several years to develop the sector, Xinhua news agency reported citing an Uzbek energy official. Continue reading

Does Kyrgyzstan need another state management company?

BISHKEK (TCA) — The share of industry in Kyrgyzstan’s GDP remains at 8.7% and is not increasing, the State Committee for Industry, Energy and Subsoil Use reported. Continue reading

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