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World Bank allocating $ 400 million to Uzbekistan

The goal is to accelerate the transition to an inclusive and competitive market economy.

The Board of Executive Directors of the World Bank approved the provision of financing to Uzbekistan in the amount of $ 400 million, the press service of the bank told Spot.

Funds are allocated to assist in the transition to an inclusive and competitive market economy.

Uzbekistan will be provided with a concessional loan with a low interest rate of $ 250 million and a term of over 30 years, as well as a loan of $ 150 million with a market interest rate and a term of over 12 years.

The financial assistance will enable the government to implement a number of reforms, including:

  • further liberalization of the wheat market;
  • improving the management of state-owned enterprises;
  • strengthening accountability and oversight of public spending and debt;
  • combating gender discrimination in the labor market;
  • expanding the coverage of benefits for the poor;
  • expanding social protection and economic opportunities for women and people with disabilities.

“To achieve the government’s goals of halving the poverty rate among the population by 2026 and joining Uzbekistan as an upper middle-income country by 2030, the national economy must grow faster. For this, it is necessary to create more jobs in the private sector and more economic opportunities for citizens, especially for women, youth and people with disabilities, – said the head of the World Bank in Uzbekistan, Marco Mantovanelli.

The World Bank Group is developing a partnership program for 2022–2026, which will outline key areas of financial and technical assistance.