EBRD increased investments in Uzbekistan by almost a third

In 2022, the European Bank for Reconstruction and Development allocated 839 million euros or about $900 million to projects in Uzbekistan, Spot reports citing the bank’s press service.

The volume of investments exceeded last year’s figures by 30% and updated the maximum among the countries of Central Asia. The Republic has been the leading recipient of EBRD financing in the region for three years.

In total, the bank invested in 26 projects over the past year. Funds were received in a variety of sectors of the economy – from financial and trade to renewable energy sources.

• Thus, the EBRD arranged syndicated loans for $520 million for the construction of two wind farms with a total capacity of 1 GW in the Bukhara region. This is the bank’s largest renewable energy project so far.
• In addition, with the participation of the EBRD, $74 million was allocated for a 500 MW wind farm project in the Navoi region.
• The Bank provided long-term sovereign loans for $120 million for enterprises engaged in the removal of solid domestic waste in Khorezm and Karakalpakstan.
• In March, the EBRD entered into the first $20 million currency swap with Uzbekistan to hedge foreign exchange risks and support the development of the local derivatives market.
• The Bank expanded trade finance limits for Asakabank, Ipoteka-Bank, NBU and Uzpromstroybank by $210 million in order to finance import-export operations.
• He also additionally invested $7 million in TBC UZ (the International Finance Corporation invested the same amount).
• Ipak Yuli Bank received $10 million from the EBRD to improve the access of small businesses to renewable energy, as well as to develop women’s entrepreneurship.
• Another 14 million euros were sent to the UzCarlsberg brewery to modernize production.
• Tashkent Pipe Plant raised $15 million to organize the production of longitudinally welded pipes welded by submerged arc welding.
• The EBRD, together with Uzpromstroybank, supported the expansion of the network of Idea household appliances and electronics stores.
• The Bank allocated the grant of 7 million euros for the reclamation and restoration of two former uranium sites in the Tashkent region – Yangiabad and Charkesar.

In addition, about 100 projects were launched under the Small Business Consulting program during the year. Of these, half covered women and 40% were enterprises in rural areas. More than 10 thousand entrepreneurs were involved in the activities of the program.

In total, the EBRD invested 3.9 billion euros in 128 projects in Uzbekistan.