The President of Uzbekistan, Shavkat Mirziyoyev, engaged in a high-level discussion with the President of the European Bank for Reconstruction and Development (EBRD), Adil Reno-Basso, on the sidelines of the World Climate Action Summit, focusing on the pressing issues surrounding the expansion of their multifaceted partnership, the president's press service reports.
The meeting opened with President Mirziyoyev expressing his profound appreciation for the successful outcomes of the EBRD Board of Directors meeting held in Samarkand in May earlier this year. Acknowledging the significant strides made in their collaboration, he highlighted that the EBRD's investments in Uzbekistan had exceeded an impressive €3.5bn. Notably, 60% of the project portfolio is dedicated to the private sector, underscoring the bank's commitment to fostering private enterprise in the region.
The ongoing partnership strategy outlined between Uzbekistan and the EBRD focuses on several key areas. Foremost among these is the development of small and medium-sized businesses, with an emphasis on promoting women's entrepreneurship. The introduction of public-private partnership mechanisms, privatization initiatives in the banking sector, modernization of irrigation systems, and advancements in road infrastructure were also identified as pivotal elements of the collaborative roadmap.
A significant portion of the discussion centered around the renewable energy development program in Uzbekistan. Both leaders delved into the intricacies of expanding cooperation in this critical sector, highlighting the importance of sustainable practices and green initiatives to combat climate change.
In addition, preparations for the upcoming Council of Foreign Investors meeting scheduled for next year were discussed. This forum, which has proven to be instrumental in attracting foreign investment, will provide a platform to further showcase Uzbekistan's economic potential and create avenues for mutually beneficial collaborations.
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