EBRD to finance construction of sewage systems, electricity lines in Uzbekistan
Uzbekistan and European Bank for Reconstruction and Development (EBRD) signed a loan agreement for three projects which includes construction of sewage systems and electricity lines, EBRD representative.
“The projects are Navoi Transmission Upgrade Project, Kashkadarya Wastewater Project and Khorezm Wastewater Project. Their total, according to our books is just over €200 million,” the official stated.
The representative noted that these projects are essential upgrades of key national infrastructure, which is suffering from decades of under investment.
“The maturity of EBRD’s loan for these projects is 10+ years,” the official stressed.
In 2018, the EBRD Board of Directors approved a new strategy for Uzbekistan, which defines the bank’s priorities for the next five years.
Following the adoption of a new country strategy for Uzbekistan, in 2018 EBRD signed 12 projects worth almost €400 million, a record level of business for the Bank in the country in a single year. Significant investments were made in the municipal and power infrastructure sectors, including the rehabilitation of water and wastewater infrastructure in the Fergana Valley, as well as in banking and industry.
In 2019, the EBRD has already invested almost €250 million into Uzbekistan’s economy.
To date, the EBRD has invested €1.3 billion through 70 projects in economy of Uzbekistan. Support of small businesses is particularly important as the country moves to reform its economy and strengthen its private sector.