Saturday, 13, July, 2024

Finances

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.

IFC is providing a $150 million financing package, and helped mobilize more than $1 billion in private financing, for a modern thermal power plant in Uzbekistan’s Syrdarya region. The plant will help meet the country’s growing demand for energy while supporting its decarbonization and energy transition efforts.

Uzbekistan signed an agreement on founding of a $500 million Turkic Investment Fund on March 16 at an extraordinary Turkic Summit in Ankara.

The Central Bank’s board issued a resolution allowing the registering of Apex Bank and Hayot Bank in Tashkent, the press service of the regulator reported.

The Board of the Central Bank decided to cut the interest rate from 15% to 14% per annum, the press service of the CB said today.

Globally, women earn about 80% of what men earn on average. But the gap is larger in Central Asia: working women earn about 60% of what men earn in Tajikistan, 61% in Uzbekistan, 75% in the Kyrgyz Republic, and 78% in Kazakhstan.

President signed a decree instructing to complete integration of ATMs for Humo and Uzcard payment systems by May 2023, and for POS - by the end of 2023, the president’s spokesman Sherzod Asadov said.

The Tashkent Interdistrict Economic Court ruled on February 15 to declare the Turkiston Bank bankrupt, the Central Bank said on Monday.

The Central Bank of Uzbekistan proposed to amend the statute on capital adequacy requirements for commercial banks. The Bank’s draft has been posted for public input until March 7.

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Equity stakes of Orient Finans Bank, a privately-owned bank have changed. Deals with 52.5% of the bank's shares worth of 580.5 billion soums took place on the stock exchange.

The Asian Development Bank (ADB) has approved a $150 million policy-based loan and a $400,000 grant to improve economic management in Uzbekistan.

The European Bank for Reconstruction and Development (EBRD) has launched the EBRD AgVenture competition, welcoming submissions from all of the economies where the EBRD invests, in an effort to support innovative early-stage agribusiness ventures.

Japanese banks will provide financial support to Uzbektelecom, the Japanese newspaper Nikkei Shimbun reported. Reportedly, Japan Bank for International Cooperation (JBIC) and Mitsubishi UFJ Bank will provide 19.3 billion yen (150 million US dollars) in financial support to Uzbektelecom. The funds will be contributed to purchase Japanese equipment for the development of IT infrastructure in Uzbekistan.

Memorandum of Understanding was signed at the Ministry of Investments, Industry and Trade of Uzbekistan between the European Bank for Reconstruction and Development and Uzbekistan on the holding of the 32nd annual meeting of the Board of Directors of EBRD on May 16-18 this year in the city of Samarkand.