The European Bank for Reconstruction and Development's (EBRD) total investments in Uzbekistan's economy have surpassed €5bn, with nearly €1bn invested just last year alone, according to the presidential press service.
On April 3, the business program of the first Central Asia - European Union summit kicked off with a meeting between President Shavkat Mirziyoyev of Uzbekistan and EBRD President Odile Renaud-Basso. The discussion centered around further enhancing the strategic partnership between Uzbekistan and the EBRD, focusing on the practical aspects of cooperation and the continued expansion of joint projects in key sectors.
Both leaders expressed satisfaction with the high level of cooperation achieved to date. The collaboration has led to the steady growth of investments in various priority areas, particularly the private sector, which remains a primary recipient of financial support.
The implementation of the medium-term Partnership Strategy for Uzbekistan was also highlighted, with special emphasis on the transformation of the banking sector and efforts to expand business opportunities. The EBRD's role in these reforms and its expertise in facilitating such changes were acknowledged as crucial to the country’s development.
A key takeaway from the meeting was the importance of improving the quality and efficiency of project implementation. Both sides agreed on the need to streamline processes and accelerate project preparation to ensure more effective outcomes.
The conversation also focused on the development of small and medium-sized enterprises, supporting women's and youth entrepreneurship, and promoting public-private partnership projects. Priority areas for future collaboration were identified, including initiatives in the green economy, carbon emissions reduction, digitalization, artificial intelligence, the mortgage market, and transportation.
Looking ahead, discussions included preparations for the Tashkent International Investment Forum and the Foreign Investors Council, both set for June 2025. These events will provide an additional platform for further strengthening economic ties and attracting investment to Uzbekistan.
EBRD's Contribution to Uzbekistan's Growth
Since 1992, the EBRD has been a key investor in Uzbekistan, making it the largest recipient of its funding in Central Asia. As of January 31, 2025, the bank has invested €5.49bn in 173 projects across sectors such as renewable energy and banking.
With offices in Tashkent, Andijan, and Urgench, the EBRD is deeply involved in the country’s development, including collaborating with the government on a long-term plan to decarbonize the power sector and achieve carbon neutrality by 2050.
The EBRD's strategy in Uzbekistan supports various reforms, including expanding civil society, promoting media freedom, and encouraging women's entrepreneurship. Through initiatives like the Foreign Investors' Council, the bank aims to enhance the investment climate and drive the country’s green transition. In 2024, Uzbekistan contributed €10mn to EBRD infrastructure projects.
Uzbekistan’s economy showed strong growth in 2024, particularly in the services sector, while industrial production surged. Inflation peaked at 10.6% in mid-2024 but dropped to 9.8% by December, with the central bank targeting 5% inflation by 2026. The EBRD forecasts 6% growth for Uzbekistan in 2025 and 2026.
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