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Uzbekistan aims to consistently expand cooperation with the International Finance Corporation

On 14 September, negotiations were held between the Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov with the Managing Director of the International Finance Corporation (IFC) Makhtar Diop.

During the negotiations, the current state and prospects for deepening partnership between Uzbekistan and the IFC were discussed. Makhtar Diop highly appreciated the scale and pace of the socio-economic reforms being carried out in Uzbekistan and expressed his commitment to further mutually beneficial cooperation.

The IFC management was grateful for the consulting and technical assistance provided in the implementation of reforms aimed at the development of the financial market, public-private partnerships, agriculture, transport and healthcare.

The role of the IFC in promoting large-scale projects in Uzbekistan in the fields of alternative energy and the chemical industry was highly appreciated.

During the dialogue, the issue of providing technical assistance to the IFC in the introduction of innovative instruments for blended financing of infrastructure projects was discussed, with a view to attracting private investment for their implementation. 

The management of the IFC also expressed interest in participating in the activities of the Fund for Expansion of Economic Opportunities, managed by the Government of Uzbekistan and the Islamic Development Bank, through both financing and providing technical assistance in the implementation of promising projects.

Separately, the parties dwelled on the development of women’s entrepreneurship in Uzbekistan, as well as the possibilities for using the new IFC tools in this direction.

An agreement was reached on the provision of assistance from the IFC in the dissemination of successful experience in the implementation of PPP mechanisms in the field of alternative energy to other areas – health, education, public transport, solid waste management and housing and communal services.

The parties also agreed to establish cooperation to promote start-up projects in the field of information technology by attracting a venture funding mechanism.

Following the meeting, further steps were outlined for practical interaction within the discussed areas of cooperation