During the COP29 summit in Baku on November 12, President of Uzbekistan Shavkat Mirziyoyev met with Odile Renaud-Basso, the President of the European Bank for Reconstruction and Development (EBRD), to discuss expanding their strategic partnership.
The meeting focused on practical aspects of enhancing cooperation with the prominent international financial institution. It was highlighted that the EBRD's investments in Uzbekistan have surpassed €5bn, making the country the largest partner of the bank in the region.
A significant topic of discussion was the ongoing efforts, with the EBRD's involvement, to privatize Uzbekistan's banking sector. Additionally, the two sides emphasized the improvements in the regulatory and legal framework concerning investments and land use.
President Mirziyoyev particularly stressed the need to enhance the quality and efficiency of project preparation. Both leaders agreed on the importance of deepening the cooperation strategy between Uzbekistan and the EBRD.
Priority areas for future collaboration were outlined, including energy efficiency, support for small and medium-sized businesses, youth and women’s entrepreneurship, and the introduction of public-private partnership mechanisms in social and infrastructure projects. The implementation of "green" city initiatives was also discussed as a key focus for upcoming projects.
The meeting concluded with discussions on preparations for the next Council of Foreign Investors meeting, scheduled for next year, marking another milestone in strengthening bilateral ties between Uzbekistan and the EBRD.
@EBRD allocates $54.6mn for @VoltaliaSA’s solar power project in Uzbekistan's Khorezm region
— Daryo | Central Asia & Afghanistan (@DaryoEng) November 1, 2024
The financial package, comprising a senior loan of up to $44.8mn (€41.5mn) and a €9mn special facility, supports the solar plant’s construction phase to reduce reliance on… pic.twitter.com/j46KGdt7TW
Earlier, the EBRD allocated up to $54.6mn (€50.5mn) to assist Uzbekistan in transitioning to a low-carbon economy by funding the development of a solar power project in the Khorezm region. This project is part of efforts to decrease the country's dependence on carbon-heavy thermal power generation.
For the fourth year in a row, Uzbekistan has been the largest recipient of EBRD funding in Central Asia. So far, the Bank has invested around €4.9bn in 167 projects across the country, with a primary focus on supporting private entrepreneurship.
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