Tashkent, 30 September 2022 (TDI): Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan, Jamshid Khodjaev met with Anna Bjerde, Vice President of the World Bank (WB) for Europe and Central Asia.
The participants explored further possibilities of constructive partnership between the World Bank and the Republic of Uzbekistan. The meeting was held on 29th September 2022
— Ministry of Investments and Foreign Trade (@MIFT_Uz) September 29, 2022
World Bank Investments in Uzbekistan
The participants of the meeting appreciated the results of the thirty-year of mutual efforts and investment of both stakeholders. The World Bank launched 28 projects to reform and modernize the various sectors in the country.
The sectors covered in these projects include agriculture, healthcare, education, water supply, finance, transport, and infrastructural development.
Additionally, World Bank also assisted to launch 30 projects worth $5 billion. These projects will streamline the various systems in the country.
The systems include infrastructure, energy, agriculture, housing and communal services, entrepreneurship, healthcare, and education.
The New Contract
The Deputy Prime Minister and the Vice President of the World Bank signed an agreement. The management of the World Bank decided to provide sustenance to Uzbekistan in drafting a Strategy.
This support will attract Foreign Direct Investment to the region until 2040. The World Bank will also provide technical assistance to the Central Asian country.
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This assistance will eliminate trade barriers and standardizes technical protocols. The agreement also proposed a strategy for the development of Export and market-oriented Industry in Uzbekistan.
Uzbekistan Economic Empowerment Fund
The participants of the meeting agreed that World Bank will provide the necessary support to the financial activities of the Uzbekistan Economic Empowerment Fund.
The government of Saudi Arabia and the Islamic Development Bank collaborated to establish this Fund. At the end of the meeting, the parties drafted a format to enhance cooperation.
The agreement will be helpful in formulating and implementing the strategies on agreed areas of partnership between the Republic of Uzbekistan and the World Bank.
