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NEWS

Uzbekistan plans to attract loans from WB up to $ 660 million until 2016

en.trend.az
5 June 2014

The Uzbek Government plans to attract loans from the World Bank, totaling $660.8 million in 2014-2015, the representative of Uzbek financial circles told Trend.

Relevant authorities of Uzbekistan and expert groups of the WB are discussing parameters of the bank`s participation in a number of investment projects, according to the source.

The possibility of allocating a WB loan in the amount of $260.8 million is being discussed for the modernization project of the drainage system in the Autonomous Republic of Karakalpakstan in the second half of 2014,

Furthermore, the Uzbek Government expects to attract a WB loan in the amount of $200 million early in 2015 for the construction of the railway in the Ferghana Valley (east of Uzbekistan) through Kamchik pass.

It is also expected to attract loans from the World Bank in the amount of $150 million for the development of horticulture in Uzbekistan and $ 50 million to support reforms in education.

Uzbekistan joined the World Bank in 1992. Since 1995, the bank has provided loans worth about $2 billion to Uzbekistan for projects in the area of privatization, financial sector development, the modernization of agriculture, energy, improvement to social infrastructure, health and education.

In accordance with the strategy of partnership with Uzbekistan for 2012-2015 approved by the bank, the WB intends to provide financial assistance to the country in the implementation of 15 investment projects in the energy, transport, irrigation, petrochemical, textile and agro-processing sectors and the in the improvement of the quality of medical services for a total of $1.3 billion.