A new beginning

An agreement has been signed to explore ways of increasing EBRD engagement in Uzbekistan

€11.6bn has been committed to projects in Central Asia by the EBRD, the region's largest institutional investor

The EBRD signed in March 2017 an agreement with the government of Uzbekistan to explore ways of increasing its investment in the country.

The Memorandum of Understanding was signed by EBRD President Suma Chakrabarti and the authorities in the Uzbek capital, Tashkent.

Of the discussions with the authorities, the EBRD President said: “I am delighted that the EBRD is re-engaging with Uzbekistan. These discussions have been highly fruitful and there is great interest on both sides in reinvigorating the relationship between the Bank and Uzbekistan. This is a new beginning in EBRD-Uzbek relations.”

The Memorandum of Understanding sets out the areas for potential cooperation. It includes a potential programme of advice and financing for small and medium-sized enterprises, a trade finance programme to support cross-border trade and cooperation, and measures to improve the competitiveness of the Uzbek economy, including through attracting foreign direct investment that will result in the transfer of technology and know-how.

With regard to the potential development of trade finance, in 2017 the EBRD’s TFP team will extend trade finance limits for selected banks in the country. The team will also extend its award-winning education programme for trade finance professionals in Uzbekistan.

This is a new beginning in EBRD-Uzbek relations.

Suma Chakrabarti

EBRD President

EBRD staff in London meet Sodiq Safoyev, EBRD Governor for Uzbekistan, and Alisher Kurmanov, Uzbek Ambassador to the United Kingdom

The EBRD President also signed an agreement to work with Uzbekistan to address the legacy of Soviet-era uranium mining and processing in the region, under the Environmental Remediation Account for Central Asia supported by the European Union.

He also met representatives from private sector companies, the diplomatic community, other international financial institutions and civil society organisations.

The EBRD is the largest institutional investor in Central Asia, with close to €11.6 billion (US$ 12.3 billion equivalent) committed to date to projects in a variety of sectors, from infrastructure to agriculture, with a focus on private sector development.

The Bank has invested €894 million in Uzbekistan. Its current portfolio of €8 million in the country is managed from Tashkent and London.

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