The World Bank Group’s program has been adapting quickly to the new context in Uzbekistan and rebalanced to support economic transformation and promote sector reforms Wiebke Schloemer, Regional Director, Europe and Central Asia, International Financial Corporation (IFC) told Trend in an interview.
Schloemer added that as an integral part of the World Bank Group, IFC is refocusing its activities to support greater private sector participation in Uzbekistan.
"We are looking to expand our operations to identify constraints to creating markets and unleashing private investment, support the privatization process, and enhance corporate governance," Schloemer added.
Schloemer noted that IFC aim to help deepen the transformation of the cotton sector, develop the microfinance sector, and develop a new framework for public private partnerships (PPPs) in energy, manufacturing, services, health and agriculture business.
"In the financial sector, we focus on financial institutions engaged in lending and leasing operations to support small and medium enterprises, microfinance, agribusiness, and food processing," Schloemer stated.
According to her, together with the World Bank, IFC is also supporting the government’s privatization programs in the banking and chemicals sectors.
Schloemer stated that IFC welcomes Uzbekistan’s wide-ranging reforms to boost the economy and is committed to supporting the reform agenda by expanding IFC’s activities in the country.
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