Tashkent, 10 October 2022 (TDI): An official meeting was held between Jamshid Khodjaev, Deputy Prime Minister and Minister of Investments and Foreign Trade Uzbekistan, and Jurgen Rigterink, the first Vice President of the European Bank for Reconstruction and Development (EBRD) and his delegation.
The key purpose of the meeting was to sign a loan and project agreement between Uzbekistan and EBRD.
Uzbekistan and a number of International Financial Institutions have significantly enhanced investment cooperation recently.
Also read: Uzbekistan explores prospects for cooperation with WB
EBRD is one of the leading partners. According to the estimate, the Bank has invested more than 3.6 billion euros, to finance the one hundred and thirteen projects in Uzbekistan.
New Power Transmission Line Project
New Power Transmission Line Project
The project intends to construct a new power transmission line that would be part of the system of the Joint Stock Company (JSC) “National Electric Networks of Uzbekistan”.
The bank will deliver the finance of 47.1 million $ to the edifice of the power transmission network between the settlements of the villages of Sarimoy and Jonkeldi, located in the regions of Khorezm and Bukhara respectively.
The estimated amount is also expected to increase. The financial assistance for the project is provided by the Fund for Early Transition Countries Fund (ETC) and the Shareholder Special Fund (SSF) of EBRD.
Significance of the Project
The new line will develop a linkage between two wind farms with a total capacity of 1 GW under construction to the national grid. Additionally, the extension of the network will incorporate renewable energy sources into the energy system of Uzbekistan.
The integration will reduce the amount of load on existing transmission lines. This will enable the system to tackle the problem of power outages in the north and southwest of the country.
The project will also enhance the capabilities of the primary power supply system. It will also help in the reduction of network losses.
This project will support meeting the growing needs of the developing industry and population of Uzbekistan. Both of them need an uninterrupted supply of progressively stable energy.
Jurgen Rigterink assured us that EBRD will continue to support Uzbekistan in developing stable Infrastructural solutions.
It will assist the country by financing such projects.
