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ADB approves $ 165 million loans for livestock and urban development projects

On November 13, President of the Republic of Uzbekistan Shavkat Mirziyoyev received a delegation of the Asian Development Bank headed by President Takehiko Nakao, who arrived in our country to participate in the events of the Ministerial Conference of the Central Asian Regional Economic Cooperation Program.

The head of our state expressed deep satisfaction with the dynamics of mutually beneficial relations with the prominent international financial institution, Uzbekistan’s leading and reliable partner in promoting the critical socio-economic reforms in the country.

Remarkable improvement in the quality of projects involving the Asian Development Bank and progress in their realization was underscored during the meeting.

During the meeting with President Mirziyoyev, Mr. Nakao commended the government on its successful reforms, which aim to increase economic growth and create quality jobs. He noted that ADB recently revised upward Uzbekistan’s growth forecast for the country to 6.0% for 2020 following stronger-than-expected growth of 5.7% in the third quarter of 2019. At the same time, Uzbekistan is facing macroeconomic challenges including a large current account deficit and increasing external debt during transition. It is encouraging to see the government’s efforts to examine external borrowing more carefully and slow down credit expansion aimed at containing high inflation and reducing the current account deficit.

Mr. Nakao today witnessed the signing of loan agreements for two projects totaling $165 million. The $150 million Livestock Value Chain Development Project will increase access to credit for livestock farmers and entrepreneurs, and veterinary and other animal health services. The $15 million Urban Services Project Readiness Facility will improve the design and delivery of much-needed urban infrastructure and services in Uzbekistan’s rapidly expanding cities.

The Bank has recently adopted a new 2019-2023 strategy for the enhancement of partnership with funding in excess of $ 5 billion.

The meeting helped examine in detail the prospects of interaction. Special attention was paid to the elaboration and implementation of long-term strategic and policy documents for the modernization of irrigation and drainage system and road infrastructure in our country, including the improvement in the management system, introduction of public-private partnership mechanisms, in training personnel as well as other issues.

The priority nature of spearheading region-wide projects was emphasized, primarily of those designed to promote transport corridors, modernize energy infrastructure, address environmental problems.

The ADB President praised the current level and effectiveness of cooperation with Uzbekistan, and expressed full support for the enduring extensive reforms in the country.