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Uzbekistan to attract $1.145bn from ADB to upgrade transport sector
http://www.timesca.net of 11/27/2011 - During 2011-2013 the Uzbek government will attract loans worth $1.145 billion from the Asian Development Bank (ADB) to develop transport projects, according to Uzbekistan's Economy Ministry.
"Currently, Uzbekistan in cooperation with the ADB is finalizing the development of priority projects under the new program of financial cooperation for 2011-2013. US $1.145 billion will be attracted as part of the program and will go for modernization of the transport infrastructure," according to the Economy Ministry.
ADB funds will be directed for the reconstruction of several transit sections of A-380 and A-373 roads. In particular, the loans will be used for the purchase of modern road-building complexes, as well as for the construction work and project management.
During 2011-2013, the Uzbek government will also attract ADB funds worth $300 million for the electrification of the railway in southern Uzbekistan.
Specifically, late in 2011 the Uzbek side will receive a $100 million loan for the electrification of a 140-kilometer long Marokand-Karshi railway section. The project will be completed within four years. A $146 million project will be financed through the ADB loan and Uzbekiston Temir Yullari's own funds.
A loan worth $200 million for the electrification of a 250-kilometer long Marokand-Navoi-Bukhara railway section in the central part of the country will be given in 2013. The project worth $250 million will be implemented during 2012-2016.
It is planned that ADB's funds will be allocated from ordinary resources of the bank for 25 years, including a five-year grace period at the bank's standard incentive rate, based on the LIBOR rate.
Uzbekistan is a member of ADB since 1995, and is today the largest loan recipient of this financial institution in Central Asia. Since 1995, ADB has provided $1.95 billion to Uzbekistan to implement 35 projects in education, agriculture, transport infrastructure and energy sector modernization, and $43.2 million in technical assistance grants.
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