BAKU, Azerbaijan, January 29. In 2022 the
European Financial institution for Reconstruction and Growth (EBRD) invested
nearly US$ 900 million (€839 million) in 26 initiatives in Uzbekistan,
making it the main recipient of its funding in Central Asia for
the third yr operating. Investments have been made in sectors ranging
from renewable vitality to banking, Trend stories by way of the assertion of EBRD.
The EBRD continued engaged on the development of the funding
local weather in Uzbekistan by facilitating the primary plenary session of
the Overseas Traders’ Council, which can function a platform for
dialogue between overseas buyers and the authorities fostering
reforms.
The EBRD, which grew to become totally aligned with the Paris Settlement at
the beginning of 2023, continued offering help for Uzbekistan’s
inexperienced transition. The EBRD organized two syndicated loans
collectively value US$ 520 million to assist assemble and put into
operation two wind energy vegetation with a complete put in capability of
1 GW within the Bukhara area.
This financing is the EBRD’s largest renewable vitality challenge to
date throughout its areas.
The Financial institution additionally organised a financing package deal of US$ 74 million
for the event, development and operation of a 500 MW
greenfield wind energy plant within the Navoi area of Uzbekistan. This
was the primary challenge in Central Asia to make use of the Identiflight ready
to detect and monitor species susceptible to collision and set off an
automated curtailment of chosen generators.
The EBRD and the Ministry of Financial Growth and Poverty
Discount of Uzbekistan agreed to collectively develop a nationwide
methane emissions programme, which can grow to be a key planning device
for reaching the International Methane Pledge (GMP) goal of lowering
methane emissions by 30 per cent by 2030. Final yr Uzbekistan
grew to become solely the second nation in Central Asia to hitch the GMP.
Outdoors the vitality sector the EBRD prolonged long-term sovereign
loans collectively value as much as US$ 120 million for the regional
utility corporations answerable for strong waste administration in Khorezm
and Karakalpakstan. The challenge will contribute to Uzbekistan’s
decarbonisation efforts in step with the Paris Settlement and
help the nationwide strong waste administration technique.
Within the monetary sector the EBRD elevated new commerce finance
limits value US$ 210 million for Asakabank, Ipoteka Financial institution, the
Nationwide Financial institution for Overseas Financial Exercise of Uzbekistan and SQB
Financial institution. The deal will higher allow non-public home companies,
together with small and medium-sized enterprises (SMEs), to import
needed items, providers and gear and to export their
merchandise. A monetary package deal of US$ 10 million supplied by the
EBRD to Ipak Yuli Financial institution will enhance entry to inexperienced applied sciences
for native households and SMEs and promote ladies’s entrepreneurship.
The EBRD additionally invested extra capital of US$ 7 million in TBC
Financial institution Uzbekistan and entered a US$ 20 million cross-currency swap
with Uzbekistan, which can assist the nation to develop the
derivatives market and hedge foreign money threat arising from overseas
foreign money borrowing.
The Financial institution channelled €14 million into supporting operations of
the nation’s main brewer, UzCarlsberg, and supplied US$ 15
million to Tashkent Pipe Plant, which can be capable of launch the
manufacturing of longitudinal submerged arc-welded pipes. Collectively with
SQB Financial institution, the EBRD is supporting the growth of one of many
nation’s main retailers of client electronics and family
home equipment, Thought Idea Group.
A €7 million grant supplied by the Environmental Remediation
Account for Central Asia (ERA), managed by the EBRD, will finance
environmental remediation works at two former uranium mining websites
– Yangiabad and Charkesar – positioned within the mountains to the east of
the capital Tashkent.
In 2022 the EBRD’s Recommendation for Small Enterprise Programme in
Uzbekistan launched nearly 100 advisory initiatives thus rising
its outreach to home SMEs by 50 per cent. Half of them have been
with ladies entrepreneurs and over 40 per cent have been in rural areas.
Greater than 10,000 entrepreneurs across the nation have been reached
by specialised trainings, networking and data sharing
occasions. Loans have been prolonged to a variety of native corporations
together with a furnishings producer Gulobod Mebel, a dairy firm Tillo
Domor and an digital items retailer Sifat-Biznes-Savdo.
Uzbekistan will host the EBRD’s thirty second Annual Assembly and Enterprise
Discussion board, which can happen in Samarkand on 16 to 18 Could 2023. The
occasion is the biggest of its variety for the areas the place the Financial institution
invests and is accompanied by a global Enterprise Discussion board.
Up to now, the EBRD has invested nearly €3.9 billion in 128
initiatives throughout the nation.
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