Minister of Investment and Foreign Trade receives a delegation from the EBRD

Tashkent, Uzbekistan (UzDaily.com) -- Minister of Investments and Foreign Trade Sardor Umurzakov and Managing Director of the European Bank for Reconstruction and Development (EBRD) for Central Asia Bruno Balvaner held talks in Tashkent.

The purpose of the meeting was to discuss the current activities of the EBRD in the country, the presentation of a new candidate for the managing director of the EBRD from Uzbekistan and the further development of cooperation with an international financial institution.

Mr Balvaner, during the talks with Sardor Umurzakov, stressed that the EBRD is following the current course in deepening cooperation with Uzbekistan and voiced the results of joint work and the agreements reached over the past period. To date, loan agreements have been signed with the EBRD on 7 projects aimed at improving the water supply and district heating systems in the capital and regions of the republic, as well as on modernization in the electricity sector, totaling US$622.5 million.

At the same time, it was noted that the EBRD is actively involved in reforming the energy sector of Uzbekistan, particularly in the sphere of privatization of state enterprises and the development of the capital market.

In 2019, within the framework of cooperation between the EBRD and Uzbekistan, the expansion of the investment portfolio and the attraction of additional financing for the implementation of projects in the most promising sectors are expected.

During the negotiations, the parties discussed issues on the organization of the first meeting of the Foreign Investors Council in the first half of this year, as well as the visit to Uzbekistan of the President of the EBRD, Mr. Sumy Chakrabarti, within the framework of the planned event.

The activities of the Council of Foreign Investors, created jointly with the EBRD and chaired by the President of the Republic of Uzbekistan, will be aimed at developing specific recommendations for the government on improving the investment climate, providing a favorable, non-discriminatory, transparent business environment conducive to attracting investment. It is planned that the Council will consist of representatives of the government of Uzbekistan, the EBRD, other foreign financial institutions and diversified development banks, the Chamber of Commerce and Industry, various business associations of the Republic of Uzbekistan. An Executive Committee and Secretariat will be established with the Council.

Representatives of the EBRD also informed the Minister about the upcoming topics and planned dates of the annual meeting of the European Bank for Reconstruction and Development, and noted the importance of the participation of the EBRD Governor from Uzbekistan in the upcoming event.

At the end of the meeting, the parties assured that the necessary level of coordination would be ensured for effective and fruitful cooperation between the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan and the EBRD.

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