Tuesday, 25, June, 2024

Finances

Uzbekistan has become the first country in the world receiving a payment from the World Bank for reducing carbon emissions through a policy crediting program.

The World Bank’s Uzbekistan Country Gender Assessment Report (CGA), produced with the financial support of the government of the United Kingdom, serves as a diagnostic tool to evaluate the state of gender equality in the country.

As part of the Innovative Carbon Resources for Energy Reforms (iCRAFT) project, the World Bank transferred the first tranche of US$7.5 million to Uzbekistan. These funds are aimed to finance reforms, including mitigating the effects of tariff changes for electricity and support for vulnerable groups.

Uzbekistan’s official reserves as of May 1 stood at $36.63 billion (+4.3%), recording an increase by $1.53 million in April, the Central Bank said in a report. This is a historical high for the entire period of Central Bank statistics (since January 2013).

The European Bank for Reconstruction and Development (EBRD) has named Hüseyin Özhan as its acting Managing Director for Central Asia. He is succeeding Zsuzsanna Hargitai, who has been appointed Managing Director, SME Finance and Development at the EBRD’s headquarters in London.

The World Bank’s Board of Executive Directors approved today a $100 million concessional loan for Uzbekistan to implement the Innovative Social Protection System for Inclusion of Vulnerable People (INSON) Project.

The Central Bank conducted a survey among 35 commercial banks to identify possible systemic risks in the financial system in the first year-half of 2024.

On May 21, Uzbekistan placed sovereign Eurobonds on world financial markets worth total of $1.5 billion, the Ministry of Economy and Finance said.

The World Bank Group, Abu Dhabi Future Energy Company PJSC (Masdar), and the Government of Uzbekistan have signed a financial package to fund a 250-megawatt (MW) solar photovoltaic plant with a 63-MW battery energy storage system (BESS). The project aims to expand clean and reliable electricity access to approximately 75,000 households.

The European Bank for Reconstruction and Development (EBRD) is improving access to finance for young entrepreneurs in Uzbekistan by providing funds to privately owned financial institution, Davr Bank.

Uzbek banks’ net profit in Q1, 2024 stood at 2.4 trillion UZS, 187 million USD, marking a 22.3% decline to the same period in 2023, KAP DEPO said on Tuesday in a report.

With an aim to enhance competition in Uzbek financial markets, the Humo card system is set to go public, following its transformation into a joint-stock company. This movemarks a departure from its previous status as state-owned, as announced by Akmalkhon Ortiqov, Director of the State Assets Management Agency (SAMA).

To promote digital economies and support the growth of early-stage tech startups in Central Asia, IFC will invest up to $5 million in Sturgeon Emerging Opportunities II, LP a new venture capital fund managed by Sturgeon Capital, a major venture capital investor.

Standard Chartered and the Multilateral Investment Guarantee Agency of the World Bank Group (MIGA) announce today EUR 114 million financing for the Joint-stock company National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU), the largest bank in Uzbekistan. This is MIGA’s first guarantee against the risk of non-honoring of financial obligations by a state-owned enterprise in Uzbekistan.

Uzbekistan and the Asian Development Bank signed a memorandum on the implementation of the country program for 2025–2027, which provides for the implementation of projects totaling $3.5 billion, the press service of the Ministry of Investment, Industry and Trade reported.

The European Bank for Reconstruction and Development (EBRD) is supporting micro, small and medium-sized businesses and improving access to finance for young entrepreneurs in Uzbekistan by providing a financial package of up to US$ 20 million (€18.8 million) to a major private lender, Ipak Yuli Bank.

The EBRD and the government of Uzbekistan agreed to work jointly on the successful privatisation of one of the country’s largest state-owned lenders Asakabank.

The President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, will visit Uzbekistan from 1 to 3 May 2024 for meetings with senior government officials and foreign investors.

Harsher rules for foreign currency transactions will apply for state-owned companies in Uzbekistan, the governor of the Central Bank, Mamarizo Nurmuratov confirmed at a press conference on Thursday.

The Ministry of Energy and the World Bank jointly hosted an event marking the official launch of the Clean Energy for Buildings Project. This project will be implemented by the Ministry of Energy with the World Bank’s financial support. It aims to boost energy efficiency in public buildings and create a better framework for clean energy investments in the buildings sector. During the event, government officials, private sector, and media were informed about the project's purpose, objectives, and activities.