The head of state has signed a decree to allocate up to $600mn to finance projects in Uzbekistan’s pharmaceutical industry, Kursiv reports. This significant investment is expected to stimulate the growth and development of the industry, which has been identified as a key sector in the country’s economic strategy.
Asakabank secures $100mn loan
In a move to attract foreign technologies and drug production, the Fund for Reconstruction and Development will provide Asakabank with a $100mn loan. This funding is expected to enhance the bank’s capacity to support the pharmaceutical industry and contribute to the overall growth of the sector.
Additional $500mn loan by end of 2024
By the end of 2024, Asakabank and the Ministry of Investment, Industry and Trade plan to attract an additional loan of $500mn. This substantial financial injection will further bolster the industry’s capacity to innovate and expand.
Launch of 24 major projects
Growth of pharmaceutical enterprises
Last year saw the commencement of operations for 57 pharmaceutical enterprises in the country. This growth in the number of active enterprises is a testament to the robustness of the industry and the effectiveness of the government’s investment strategy.
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