Jürgen Rigterink, First Vice President and Head of Client Services Group at the European Bank for Reconstruction and Development (EBRD), had a negotiation with Jamshid Khodjaev, Minister of Investments and Foreign Trade of Uzbekistan on Uzbekistan’s National Electric Grid development, the press service of the ministry reports.
The parties signed an agreement on providing a loan worth 47.1 million dollars for the construction of a new power transmission line between Sarimoy and Jonkeldi in Khorezm and Bukhara regions, which is part of the system of the "National Electric Networks of Uzbekistan".
The new line will connect two wind power plants under construction with a total capacity of 1 GW to the national grid. The project is supported by the Fund for Countries with Transitional Economies and the Special Fund of Shareholders.
This expansion of the network will help to balance the load on existing transmission lines and solve the problem of power outages in the north and southwest of the country. This is especially important for the growing needs of Uzbekistan's developing industry and population, which need an increasingly stable energy supply.
"Uzbekistan is not only the most populous country in Central Asia but also the fastest growing economy in the region, which needs stable infrastructural solutions. Our bank is ready to support this growth by financing such projects," Jurgen Rigterink, said.
To date, the bank has invested more than 3.6 billion euros in 113 projects in Uzbekistan.