Sunday, 25, February, 2024

Finances

Uzbekistan’s reserves topped US$ 34.37 billion as of June 1, 2023 decreasing by $837.9 million in May, the Central Bank said in a report. Reserves have been declining for the second month in a row.

TBC Bank (TBC) announces that it has signed a Sales and Purchase Agreement (SPA) to acquire the remaining minority share of 49% from the founding shareholders in LLC Inspired, the TBC's payments subsidiary operating under the Payme brand (Payme) in Uzbekistan. Following the acquisition of the minority share of Payme, TBC has become the 100% shareholder of Payme, the company said in a statement.

IFC is assisting the government of Uzbekistan in attracting a private investor to modernize the electricity distribution infrastructure in the capital Tashkent and help improve the connectivity for more than 700,000 customers. 

Today, Shavkat Mirziyoyev hosted the President of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun in Xi'an as part of the events of the second day of his state visit to China, the presidential press service said.

The European Union, the French Development Agency (AFD) and the government of Uzbekistan signed an agreement in Samarkand on May 17 to support and finance Uzbekistan's Strategy for Green Transition by 2030, the press service of the EU Delegation in the country said.

Almost 560,000 people living in Uzbekistan’s major municipality of Samarkand will be able use ecologically friendly public transport thanks to the acquisition of electric buses and the construction of an e-bus depot financed by the European Bank for Reconstruction and Development (EBRD). Samarkand is also the first city in the country to join the Bank’s Green Cities programme.

IFC is assisting the government of Uzbekistan in harnessing private capital and expertise to modernize the country’s healthcare sector, to provide more patients with access to quality, affordable health services.

Uzbekistan could join the Eurasian Development Bank (EDB), announced the Bank’s governor Nikolay Podguzov during the conference of members-investors of the Association of Development Institutes of Asia and the Pacific (ADFIAP).

Integration of ATMs of Humo and Uzcard payment systems is due to be completed within 7-10 days, the governor of the Central Bank Mamarizo Nurmuratov said at a press conference on May 4.

Today, on May 4, the Central Bank reviewed the possible changing the interest rate. As reported by the regulator, the BOD of the Central Bank at its today’s meeting decided to keep the interest rate unchanged at 14% per annum.

On May 1, the President signed the Additional measures to digitalize the healthcare system Resolution. The Resolution says that Uzbekistan and the German Development Bank KfW signed a loan agreement worth of 45 million euros for a period of 12 years, including a five-year grace period, as well as a grant agreement worth of 5.5 million euros.

President approved the Amendments to the Banks and Banking Activities Law. According to Norma, in line with the document, the minimum amount of the bank's authorized capital should be:

The Asian Development Bank (ADB) and ACWA Power Company (ACWA) signed $174 million worth of loans to develop the Bash wind power and Dzhankeldy wind power plants, both located in the Bukhara province. 

The World Bank’s Board of Executive Directors approved today the Second Livestock Sector Development Project for Uzbekistan which will help invest in building a productive, competitive, inclusive, and climate resilient livestock sector across the country.

The World Bank and the Government of Uzbekistan signed agreements providing funds to implement two projects, which the World Bank's Board of Executive Directors approved in June 2022.

The European Investment Bank has approved an $83.6 million loan for Uzbekistan's program to develop photovoltaic plants. Together with the Asian Development Bank, the Asian Infrastructure Investment Bank and the European Bank for Reconstruction and Development, the EIB will provide a loan total worth of $396.4 million to finance the construction and commissioning of three solar PV plants with a total capacity of almost 900 MW.

Uzbekistan’s growth rate is expected to slow in 2023 as demand in the economy cools, especially in private consumption and services, according to a new flagship report from the Asian Development Bank (ADB). 

The European Bank for Reconstruction and Development (EBRD), which became fully aligned with the Paris Agreement at the start of 2023, continues to invest in renewable energy power generation and low-carbon technologies in Uzbekistan. The Bank is helping the country develop its significant renewable energy potential by financing the construction of three greenfield solar power plants with total installed capacity of nearly 900 MW.

A leading Ukrainian pharma company, YURiA-PHARM, has acquired Reka-Med, a pharmaceutical company in Uzbekistan, with the help of €10 million of finance repurposed from an existing loan made by the European Bank for Reconstruction and Development (EBRD). 

The Tashkent Interdistrict Economic Court, by its March 17 ruling declared the Hi-Tech Bank bankrupt, the press service of the Central Bank said.