The government of Uzbekistan has set targets for foreign investment in the first quarter of 2024, aiming to attract a total of $7.2bn to fuel economic growth and development initiatives across various sectors and regions, Norma.uz reported.
A resolution adopted by the Cabinet of Ministers outlines the investment program for the initial months of the year, with a significant portion allocated to industries and regional development projects. Of the total investment, $4.1bn is earmarked for industries, while $3.1bn is allocated to bolster regional economies.
The energy sector is expected to draw the lion's share of investment, with nearly $1.7bn targeted for expansion and modernization efforts. Conversely, the forestry sector will receive the smallest allocation, with just $1.5mn set aside for investment.
In terms of regional distribution, the capital region is slated to receive the largest infusion of investment, totaling $428mn, while the Council of Ministers of Karakalpakstan is set to receive the smallest portion, approximately $50mn.
In addition to these initiatives, a comprehensive targeted program has been approved, encompassing 276 promising investment projects valued at almost $33bn. These projects are expected to drive growth and innovation across various sectors of the economy.
To facilitate these investment endeavors, Uzbekistan plans to leverage foreign credit resources, with a target of attracting $2.3bn through 70 credit lines provided by 11 domestic banks over the course of 2024.
Furthermore, the government has allocated grants totaling more than $1bn to 24 ministries and departments, with significant funds allocated to key sectors such as agriculture and environment. Both the Ministry of Agriculture and the Ministry of Environment are set to receive $150mn each to support their respective initiatives.
In 2023, Uzbekistan experienced a notable increase in Foreign Direct Investment (FDI) in its economy, surging to $7.2bn, as reported by the Central Bank. This represented a doubling from the previous year's figures. The bulk of this foreign investment, totaling $3.4bn, was received during the final quarter of 2023. The Central Bank noted that remittances returned to levels consistent with medium-term trends, reaching $11.2bn.
By the end of 2023, Uzbekistan had secured international loans amounting to $2.8bn. Among these, the Asian Development Bank provided $615.6mn, followed by the World Bank with $552.4mn, and China with $398.8mn.
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