The Asian Development Bank (ADB) has forged agreements on 25 projects with Uzbekistan, totaling approximately $3.5bn this year. Notably, Uzbekistan stands at the forefront of the region, ranking second with 17% of the ADB's projects in Central and Western Asia, UzA reports.
The report reveals an optimistic outlook for Uzbekistan's economic growth, with the ADB revising its forecast for 2023 and 2024. The bank anticipates an annual economic growth rate of 5.5% during this period, an improvement from its earlier projection of 5% in April. This positive adjustment is attributed to the surge in exports of food and textile products to Russia, coupled with increased investment activities.
The first half of the year witnessed a robust growth of 5.6% in Uzbekistan's economy, surpassing expectations. Factors contributing to this performance include fiscal stimuli, strong foreign trade, industrial expansion, and heightened mining and investment activities. However, inflation-induced slowdowns in consumption have been observed.
Earlier, Daryo reported that the Asian Development Bank (ADB) and Sanoat Qurilish Bank (SQB) have joined forces, signing a significant senior convertible loan agreement worth $50mn.
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