Economy
AFD, EU and UNDP join efforts to support green financing in Uzbekistan
EU granted €600,000 for a project, supported by Agence Française de Développement and UNDP, aimed at introducing the principles of green budgeting in Uzbekistan. The initiative implies consideration of the Sustainable Development Goals and environmental agenda in budgeting.
Tashkent-Andijan toll road project estimated at $4.6 billion, says deputy transport minister
The Tashkent-Andijan toll road project will cost $4.65 billion, deputy transport minister of Uzbekistan Jasurbek Choriyev said. The feasibility study is expected to be completed by the end of June. He also mentioned the Trans-Afghan railway and other projects.
Uzbekistan remains world’s top gold seller in March
In March, Uzbekistan again became the world’s largest gold seller, trading 11 tons of the precious metal. In February, the country sold 12 tons of gold.
Agreements worth $26.6 billion signed at Tashkent Investment Forum
Contracts totaling $26.6 billion were signed at the Tashkent International Investment Forum, the state authorities stated. Planned projects include new infrastructure in Tashkent, a data center, power plants, and modernization of heat supply systems in Nukus, Fergana, Quvasoy, and other places.
OPEC Fund and Uzbekistan sign $500 million agreement
OPEC Fund and Uzbekistan signed a five-year partnership agreement, wherein the country will receive $500 million to support sustainable development initiatives.
EBRD loans $238 million to Uzbekistan to modernize key regional road
EBRD loaned Uzbekistan up to $238 million to reconstruct the road Urgench — Khonqa — Hazorasp — Toshsoqa — Amudaryo — A380 highway in Khorezm region, and build a bridge over the Amudaryo river. Following the reconstruction, the one-lane road will be expanded into a two-lane highway.
EBRD to assist in preparing Asakabank for privatization
Uzbekistan and the EBRD will work on institutional transformation and corporate governance reform at Asakabank in preparation for its privatization. The parties signed this agreement at the Tashkent Investment Forum.
Uzbekistan encourages investors to join international projects
President of Uzbekistan encouraged foreign investors to participate in projects for the joint construction of hydroelectric power plants in neighboring Kyrgyzstan and Tajikistan, as well as the China-Kyrgyzstan-Uzbekistan and Uzbekistan-Afghanistan-Pakistan railroads.
Uzbekistan intends to cooperate on critical raw materials with US and UK
President of Uzbekistan highlighted the nation’s wealth of over 30 rare-earth metals to investors, noting ongoing negotiations for critical raw materials cooperation with the United States and the United Kingdom.
“Uzbekistan is committed to developing market economy, ensuring reliable protection of investors' rights,” president says
President Shavkat Mirziyoyev outlined plans to strengthen investor rights protection in Uzbekistan, including adopting a revised law “On Investments” aligned with WTO standards, establishing International Commercial Court, and doubling land lease terms for foreign investors.
EBRD President Odile Renaud-Basso to visit Uzbekistan
President of the European Bank for Reconstruction and Development Odile Renaud-Basso is expected to visit Tashkent. During her visit, she will engage in discussions with the president, other officials, and participate in the Foreign Investors Council and the Tashkent International Investment Forum.
Uzbekistan raises poverty line again amid increase in energy tariffs
Minimum expenditure basket in Uzbekistan, also used to determine the poverty line, has risen by 4.3%, from 621,000 soums to 648,000 soums (from $49 to $51) per month. This adjustment, the second this year, reflects the upcoming increase in gas and electricity tariffs from 1 May.
84 countries to participate in Tashkent Investment Forum
III Tashkent International Investment Forum is scheduled for 2−3 May. Nearly 2,500 people from 84 countries are expected to participate: government officials, corporate leaders, representatives of the UN, EBRD, OPEC, and SCO. President of Uzbekistan reviewed the preparations.
EU grants €6 million for Uzbekistan’s agriculture development
European Union allocated a €6 million grant to Uzbekistan for adopting the National Food Security and Healthy Nutrition Strategy. In total, the EU will allocate €20 million to promote agricultural sector reforms this year and next.
Bookmaking to be legalized in Uzbekistan
President of Uzbekistan signed a decree legalizing bookmaking in the country starting from 1 January 2025. The existing ban, in place since 2007, has been “practically ineffective”, with people actively using foreign and illegal services, according to the official comment.
Remittances to Uzbekistan increase, Russia’s share decreases, says Central Bank
In the first quarter of 2024, the volume of remittances to Uzbekistan increased, as reported by Central Bank chairperson Mamarizo Nurmuratov during a press conference on April 25.
Central Bank of Uzbekistan keeps interest rate at 14% per annum, but revises inflation forecast
Central Bank of Uzbekistan kept its interest rate at 14% per annum. The regulator raised its inflation forecast to 9−11%, citing energy tariff hikes. But it asserts that the effects of these price changes in the economy are temporary. CBU also downgraded its economic growth forecast.
Uzbekistan exported gold worth $1.35 billion in March
Uzbekistan’s gold exports amounted to $1.35 billion in March, with a cumulative export value of $2.66 billion since the beginning of the year, accounting for 41.7% of the country’s total export revenue.
World Bank approves $50 million loan for Uzbekistan’s Digital Inclusion Project
Ministry of Economy and Finance of Uzbekistan and World Bank signed an agreement for a $50 million concessional loan to support the Digital Inclusion Project. This loan aims to expand access to IT skills for thousands of young people residing in rural areas across the country.
Official explains reasons behind gas and electricity tariffs increase
Gas and electricity production costs far surpass current tariffs unchanged since 2019, said a Finance and Economy Ministry official. Inflation has reached 66% over this period, he added. Agency for Social Protection noted that 1.5 million needy families will receive aid to cope with the price hike.
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