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ADB to approve $300 mln loans for Uzbekistan

25 June 2018 19:06 (UTC+04:00)
ADB to approve $300 mln loans for Uzbekistan

By Kamila Aliyeva

The Asian Development Bank (ADB) intends to approve the allocation of two loans to Uzbekistan in the amount of $300 million on June 26.

“ADB intends to allocate two loans to Uzbekistan for a total of $300 million. These funds will be used to reform state-owned enterprises (SOEs). In addition, some of them will improve the work of the energy sector. Tomorrow it is planned that the ADB Board will approve these two loans,” director of the bank's representative office in Uzbekistan Takeo Konishi said.

Earlier, the bank announced plans to provide Uzbekistan with $2.6 billion in sovereign loans in 2017-2019 to continue the development of infrastructure in the energy, transport, utilities sectors, to strengthen support for housing construction in rural areas, and to improve access to financial resources for small and medium-sized enterprises and agribusiness.

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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