Economy
Uzbekistan to unveil new energy development programme by September 2023
Uzbekistan will unveil a new energy development programme by September 2023 that will liberalise gas and electricity prices and implement social consumption norms, First Deputy Energy Minister Azim Akhmedkhadjayev said.
Uzbekistan resumes gas exports to China
Uzbekistan resumed exporting natural gas to China after a three-month break. The volume of gas supplies in April amounted to $40.5 million.
President of Uzbekistan calls for closer coordination with EAEU countries
Global challenges and problems call for closer coordination within the EAEU to address the priorities of sustainable socio-economic development of the Union’s countries, the President of Uzbekistan said at the EAEU summit.
Singapore’s STIE to help develop Tashkent metro
Singapore-based STIE will advise on the design, construction of new lines and stations and modernisation of infrastructure in the Tashkent metro. Wilmar International may open a distribution hub in Uzbekistan, PSB Academy a training facility and Enercon Asia to install solar panels.
Uzbekistan sees 9.5% drop in gas production in first four months of 2023
Uzbekistan produced 16.26 billion cubic meters of gas in January-April 2023, which is a 9.5% decrease from the same period last year. Electricity and heat production also declined, while oil and coal production increased slightly.
TBC Bank Group acquires remaining 49% in Payme for $55.7 million
TBC Bank Group, a Georgian banking group, bought the remaining 49% stake in Payme, a payment service provider in Uzbekistan, for $55.7 million, valuing Payme at $113.6 million.
US-based Air Products to invest $1 billion in gas processing complex in Kashkadarya region
Air Products, a US-based industrial gas producer, signed a $1 billion investment agreement with Uzbekistan to purchase and operate a natural gas processing plant in Kashkadarya region. The plant is part of Uzbekistan GTL.
UAE’s Masdar wins tender for Kashkadarya PV power plant
Masdar, an Emirati company, was declared the preliminary winner of the bid for the construction and operation of a 300 MW solar photovoltaic plant in Guzar district of Kashkadarya region.
Changi Airports to help develop a feasibility study for Tashkent’s new airport
Singapore’s Changi Airports International will help develop a feasibility study for Tashkent’s new airport, as well as consulting to optimize the operation of the existing airport.
EU and AFD to support Uzbekistan’s green transition by 2030
The EU, the AFD and the government of Uzbekistan signed an agreement to support and finance the country’s strategy for transition to a green economy by 2030.
EBRD to help Uzbekistan Airports upgrade its fleet of special equipment
The EBRD will provide Uzbekistan Airports with up to €28 million to upgrade its fleet of special equipment at Uzbekistan’s international airports. In addition, the bank will provide a €1 million grant to optimise the company’s key business processes and its structural divisions.
EBRD to finance construction of wind farm in Karakalpakstan
The European Bank for Reconstruction and Development provided a $19.3 million loan to ACWA Power Wind Karatau to build a 100 MW wind farm in Nukus, Karakalpakstan.
Samarkand to buy electric buses with EBRD support
Samarkand became the first city in Uzbekistan to join the EBRD’s Green Cities programme. The Bank is providing the city with a $49 million loan for the purchase and deployment of up to 100 electric buses.
Masterсard opens its representative office in Uzbekistan
Mastercard announced the official opening of its first representative office in Uzbekistan. The company also signed a MoU with the EBRD to increase digital opportunities for small business owners, especially women.
Sergei Guriev: Europe’s crackdown on sanctions evasion pose a major risk to region’s economic growth
Sergei Guriyev warned that Central Asian countries could face a major threat to their economic growth as Europe tightens sanctions on Russia and shuts the loopholes that allow it to evade them. He also said that GDP growth based on military production does not improve living standards.
'Investors want predictability and stability' — EBRD chief economist
European Bank for Reconstruction and Development Chief Economist Beata Javorcik and Regional Economist Eric Livny told Gazeta.uz about the new threats to the economy, the successful strategies for attracting investment and the significance of public support for reform.
EBRD forecasts Central Asian economies to grow by 5.2% in 2023
Central Asian economies have proven resilient to adverse geopolitical headwinds. The EBRD forecasts that the region’s economies will grow by at least 5.2% on average in 2023 and by around 5.4% in 2024.
'Today's Uzbekistan is not yesterday’s Uzbekistan' — President
The President of Uzbekistan, speaking at an EBRD forum in Samarkand, outlined priority areas of cooperation with the bank, such as reducing poverty, developing a green economy, and increasing PPPs in various sectors, including infrastructure, health, education, transport and ecology.
Economic growth in Central Asia and the Caucasus will slow in 2023 — IMF
The IMF says that the economies of Central Asia and the Caucasus were resilient and grew in 2022 despite various shocks, but the growth is expected to slow in 2023, and the region’s outlook is strongly influenced by external factors.
Uzbekistan to implement China’s model of poverty reduction in 14 districts
A poverty reduction programme based on China’s experience (with improved road and other infrastructure) is being implemented in 14 districts of Uzbekistan, including the Chilanzar district of Tashkent. Starting next year, the programme could cover the whole country.
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