In a move aimed at bolstering economic cooperation and supporting ongoing reforms, Uzbekistan and KfW Development Bank have inked a financing agreement worth €150mn, the Ministry of Economy and Finance of Uzbekistan reported.
The agreement was formalized during a recent meeting attended by key officials including Ilkhom Norkulov, First Deputy Minister of Economy and Finance, Alice Wolken, Counsellor to the Ambassador Extraordinary and Plenipotentiary of Germany to Uzbekistan, and Andreas Schneider, Director of the Central Asian Regional Office of KfW.
The allocated funds are slated to provide additional financial support for the "First Inclusive and Resilient Market Economy Development Policy" program. Developed in alignment with Uzbekistan's strategic vision outlined in the "Uzbekistan - 2030" strategy and in collaboration with the World Bank, this initiative focuses on spearheading reforms across critical sectors such as energy, transport, social protection, gender equality, and climate protection.
Speaking on the significance of the agreement, officials emphasized its role in advancing Uzbekistan's socio-economic landscape while underlining the commitment to deepen cooperation with international partners. The accord underscores the shared commitment to fostering sustainable development and addressing pressing challenges facing the region.
KfW Development Bank brings to the table over 60 years of experience in development policy and international cooperation, serving as a vital conduit for the German Federal Government's objectives in these realms. With a track record of financing and supporting programs and projects worldwide, KfW is poised to play a pivotal role in realizing Uzbekistan's developmental aspirations.
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