Materials with tag «world bank»
World Bank urges Uzbekistan to limit monopolies and remove personal data localization requirement to boost service sector
The growth of Uzbekistan’s vital service sector slowed, the World Bank’s report said. It recommends enhancing the country’s connectivity to global markets by reducing monopolies in telecommunications, aviation and railways, easing personal data localization requirements and promoting ICT training.
New solar plant to be launched in Khorezm region with World Bank support
The World Bank allocated $3.5 million in the form of a bank guarantee for Uzbekistan to enable the National Electric Grid to purchase electricity from a new solar power plant in Khorezm region. The plant will be constructed by French company Voltalia.
Deputy energy minister on creating carbon market in Uzbekistan and “green corridor” project to Europe
Uzbekistan plans to establish a legal framework for the carbon market and carbon pricing mechanisms by the end of the year, deputy energy minister said. Leaders of Uzbekistan, Azerbaijan and Kazakhstan are expected to sign an agreement on “green corridor” to Europe at COP29 this week.
Uzbekistan among top three fastest-growing economies in Europe and Central Asia in 2024 — World Bank
Uzbekistan was ranked one of the top three fastest-growing economies in Europe and Central Asia for 2024, as the World Bank highlights the region’s gradual recovery from recent crises, but warns of challenges ahead with slower growth projections.
World Bank approves $800 million concessional loans for Uzbekistan to support reforms
The World Bank has approved $800 million in highly concessional loans to support Uzbekistan’s reform programs. The package will cover the social security system, railway and energy sectors, along with climate change and other areas.
“Uzbekistan shouldn’t be stuck in the transition to a market economy” — Marco Mantovanelli, World Bank Country Manager
Marco Mantovanelli, who has completed his mission as the World Bank Country manager for Uzbekistan, spoke to Gazeta.uz on the changes he witnessed over the years, challenges and opportunities of the country’s market economy transition, and how the World Bank supports the government in this process.
Uzbekistan becomes first country to receive World Bank carbon funds after reducing emissions
Uzbekistan reduced carbon emissions by 500,000 tons. As part of an earlier agreement, the World Bank awarded the country a $7.5 million grant. A part of these funds will be used to provide financial assistance to families most affected by the rise in electricity and gas tariffs.
Raising women’s income could pull over 700,000 people out of poverty, World Bank reports
If women participated equally with men in economic activities, national income in Uzbekistan would increase by 29%. This finding comes from a country gender assessment conducted by the World Bank with the assistance of the UK government.
World Bank to support improvement of quality of social services for vulnerable people in Uzbekistan
The World Bank approved a $100 million concessional loan for Uzbekistan to implement the Innovative Social Protection System for Inclusion of Vulnerable People (INSON) Project.
Uzbekistan to participate in PISA study once again with support from World Bank
Uzbekistan will partake in PISA for the second time, with World Bank’s support. Pilot testing for PISA-2025 is scheduled for May this year, and education specialists are currently familiarizing themselves with the methodology.
Over 500 public buildings in Uzbekistan to become energy efficient under project by Ministry of Energy and WB
Ministry of Energy and WB aim to jointly improve energy efficiency of Uzbekistan’s public buildings in a project. Over five years, hospitals, schools and kindergartens will improve thermal insulation, ventilation, air conditioning, and replace coal-fired boilers with solar collector heating systems.
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.
World Bank slightly reduces Uzbekistan’s 2024 GDP growth projection
World Bank revised Uzbekistan’s 2024 GDP growth forecast down from 5.5% to 5.3%. Inflation is expected to rise due to higher energy prices. WB also identifies such risks as reduced growth in Russia and China, and increase in potential financial liabilities for state-owned enterprises and banks.
World Bank: remittances from Russia to Uzbekistan gradually decrease
According to the World Bank estimates, the volume of remittances from Russia to Uzbekistan is gradually decreasing. The number of Uzbekistani labor migrants in the Russian Federation decreases, the exchange rate of the Uzbek soum against the ruble strengthens and inflation in Russia is on the rise.
Uzbekistan’s economic damage from obesity expected to rise to 4.7% of GDP by 2060
WHO reports the average body mass index in Uzbekistan of 26.5 kg per square meter — the highest in Central Asia. By 2060, the economic loss from obesity is expected to increase to $21.6 billion, equivalent to 4.7% of GDP.
World Bank approves $800 million loan to Uzbekistan
The World Bank has approved $800 million of highly concessional and low-cost loans to Uzbekistan on favorable terms. Those are intended for implementation of reforms to accelerate the transition to a market economy. Funding will be invested into energy, railway, agriculture and other sectors.
World Bank improves GDP growth forecast for Uzbekistan
The World Bank revised its forecast for Uzbekistan’s GDP growth this year to 5.1%, up from 4.9% in January. The report also notes that the growth of remittances from labor migrants in Russia may slow down this year, especially for Central Asian and South Caucasian countries.
International organizations welcome establishment of Social Protection Agency
ILO, UNICEF and the World Bank welcomed the establishment of the Social Protection Agency in Uzbekistan. Their joint statement said the new agency would be crucial to help address fragmentation or gaps in the social protection. The reform was long-awaited by experts and international organizations.
World Bank to help Uzbekistan develop livestock sector
Uzbekistan’s livestock sector is a major economic driver, but it also contributes significantly to GHG emissions and has low productivity. A new World Bank project will help the country create a more productive and climate-resilient livestock sector.
To withstand global shocks, Uzbekistan needs to continue reforms and build an inclusive market economy
In her column for Gazeta.uz, Anna Bjerde, World Bank Vice President for Europe and Central Asia, writes about concerted and sustained momentum on reforms that is needed to meet Uzbekistan government’s goals of reducing poverty by half by 2026 and reaching upper-middle-income status by 2030.
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