Uzbekistan has adopted an Integrated Urban Development in Uzbekistan Cities with the participation of the Asian Development Bank (ADB), Norma reports. A preliminary document was inked with the Asian Development Bank (ADB) to reach a loan agreement of $59mn to implement the related project.
In this regard, the goods received within the framework of projects implemented at the expense of funds (debts, credits) of international financial institutions and foreign government financial organizations according to international agreements of Uzbekistan are exempted from customs duty.
The project implementation period is five years (2023-2027). The Ministry of Investments, Industry, and Trade is designated as the executive body responsible for the timely implementation of the project and the targeted and effective use of ADB loans.
The document confirmed the main technical and economic parameters of the technical and economic justification of the project, forecast schedule of debt repayment and interest payments of the ADB, forecast table of the distribution of shares in connection with the repayment of the debt of the ADB from 2028; Forecast of the issuance of shares in the framework of the 2nd component of the project in the context of covering the costs of servicing the debt of the ADB.
The document was published in the National Database of Legal Documents and entered into force on April 19.
In February, the ADB approved the allocation of a loan of $150mn and a grant in the amount of $400,000 to improve economic management in Uzbekistan. Also, the Islamic Development Bank (IsDB) will allocate funds to construct and repair schools in the Central Asian country. The portfolio of Uzbekistan and the World Bank joint projects will exceed $10bn. In addition, European Investment Bank (EIB) will allocate $83.6mn for constructing solar power plants in Uzbekistan.
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