Friday, 02, December, 2022

Finances

The European Bank for Reconstruction and Development (EBRD) is supplying fresh funds and creating new growth opportunities for grassroots businesses in Uzbekistan by providing a financial package of US$ 10 million to one of the country’s largest private lenders, Ipak Yuli Bank.

Tokyo hosted a meeting was held between the Director General of the Agency for Strategic Reforms of Uzbekistan Shukhrat Vafayev and the Chairman of the Japan Bank for International Cooperation (JBIC) Nobumitsu Hayashi.

Uzbekistan’s national debt as of July 1, 2022 topped $26 billion, or 35.1% of the gross domestic product (GDP). According to the Ministry of Finance, Uzbekistan’s national debt decreased by $300 million compared to the same period in 2021. While, national debt to GDP decreased from 38% at the end of 2021 to 35.1% in the first half of 2022.

In addition, a memorandum of understanding was signed with the Uzsuvtaminot company to develop access to drinking water in the provinces. The Board of Directors of the AFD approved 160.9 million euros of funding to finance drinking water infrastructure in Tashkent and Fergana provinces. AFD and Uzsuvtaminot are also working to complete the evaluation of a similar project for Kashkadarya province.

The Deputy Prime Minister/Minister of Investments Jamshid Khojaev hosted the Managing Director for Central Asia of the European Bank for Reconstruction and Development (EBRD) Zsuzsanna Hargitai and the head of the EBRD office in Uzbekistan Alkis Drakinos.

Today, at the Kuksaroy residence, the President Shavkat Mirziyoyev met with the president of the European Bank for Reconstruction and Development, Odile Renaud-Basso, who landed in Uzbekistan to attend the first meeting of the Foreign Investors Council and the Samarkand Conference on Interconnectivity between the EU and Central Asia.

To help build the digital economy in Africa, Middle East, Central Asia, and Pakistan, IFC has launched a new $225 million platform to strengthen venture capital ecosystems and invest in early-stage companies addressing development challenges through technological innovations in climate, health care, education, agriculture, e-commerce, and other sectors.

The President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, will visit Uzbekistan on 16-18 November to meet with senior government officials, participate in the Foreign Investors’ Council and the Samarkand EU-Central Asia Connectivity Conference: Global Gateway.

The Hungarian OTP Bank resumed negotiations on the purchase of Ipoteka-Bank, stated the financial director of the bank, László Bencik, during a meeting with investors about the results for the first quarter.

The Asian Development Bank (ADB) has approved a $150 million loan that will help expand green renovation loans in Uzbekistan while boosting the funding available to commercial lenders in the country to continue providing affordable home loans.

Uzbek commercial banks currently see risks in servicing Mir cards, so the resuming to service them is not yet on the table, the governor of the Uzbek Central Bank Mamarizo Nurmuratov said on the sidelines of the II Samarkand International Economic Forum, answering a question about the possible resumption of servicing the Mir system.

On November 1, the popular e-payment apps Payme, Click and Apelsin stopped making local payments (through scanning QR code, barcode, Telegram channels and integration with marketplace apps). The Apelsin application also does not display the balance of linked Uzcard and Humo cards.

Deputy PM/Minister of Investment Jamshid Khojaev met with Secretary General of the Organization of Turkic States (OTS) Baghdad Amreev.

The Central Bank at the board meeting decided to keep the interest rate at 15% per annum, the press service of the regulator said.

A new World Bank report provides policy recommendations for Uzbekistan on how to boost foreign direct investment (FDI) and create new sources of economic growth. The study, released recently, will contribute to the preparation of the country’s new FDI strategy in support of its development goals over the next five years.

The Central Bank on Friday announced the revocation of licenses for the right to carry out banking activities from two private joint-stock commercial banks - Turkiston and Hi-Tech Bank.

Speculation and hedging operations are being performed at the currency exchange (UzRCE) for the first time by means of purchase and sale transactions with currency futures contracts.

The Asian Development Bank (ADB) has approved a $500 million loan to help promote food security, provide social protection for vulnerable groups, and support employment in Uzbekistan amid the economic impacts of the Russian invasion of Ukraine. 

Anna, Bjerde, World Bank Vice President for Europe and Central Asia, visited Uzbekistan from September 29 to October 2, 2022, as part of a broader trip to Central Asia. Ms. Bjerde met with President Shavkat Mirziyoyev, as well as senior government officials, and beneficiaries of a World Bank-funded project that is helping improve rural infrastructure in Uzbekistan.

President signed the Sep. 27 Measures to implement the project “Water Resources Management in the Aral Sea Basin, Taking into Account Adaptation to Climate Change” with the participation of the Asian Development Bank Decree.