Uzbekistan intends to involve ADB in transformation of Uzbekneftegaz

12 September 2018 12:50 (UTC+04:00)

By Kamila Aliyeva

The Uzbek authorities intend to involve the Asian Development Bank (ADB) in the corporate transformation of Uzbekneftegaz, Podrobno.uz reported.

Tashkent recently hosted a meeting with representatives of ADB was held recently, where the issue of rendering technical assistance from the bank was discussed with the purpose of corporate transformation of the domestic oil and gas holding.

“As part of this assistance, it is planned to attract consultants from ADB who will carry out the necessary research and comparative analysis with leading oil and gas companies, followed by the submission of a corresponding report and recommendations,” Uzbekneftegaz noted.

During the meeting, the issue of ADB's participation in financing the “Technical Upgrading, Modernization and Development of Uzbekistan's Gas Transportation System” program was also discussed.

Representatives of the bank were provided with presentation materials on this program, which included the main technical parameters, planned activities and implementation deadlines.

The interest of ADB representatives in financing the project on the modernization of the gas transportation network is expressed in the fact that its implementation will help increase the trade turnover between Asian countries, which is in line with the bank's policy.

In addition, in the course of the meeting preliminary conditions for financing the project were announced.

It should be recalled that to exchange the necessary information on this project, the parties signed the April 5 Confidentiality Agreement.

Uzbekistan joined the ADB in August 1995. Since joining ADB, Uzbekistan has received 65 loans totaling more than $6.3 billion. Since 2001, thanks to ADB projects, more than 4.5 million Uzbeks have gained access to water and sanitation services. Since 2011, the rural housing development program, funded by ADB, has provided affordable housing with modern infrastructure to over 41,000 families in Uzbekistan living in rural areas.

The ADB program in Uzbekistan has provided loans, grants and technical assistance to grow the country’s economy and improve the lives of people, particularly the poor, women, children and other vulnerable groups.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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