Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov held negotiations with Acting President of the European Bank for Reconstruction and Development (EBRD) Jurgen Rigterink on cooperation between the Republic of Uzbekistan and the EBRD via video-conferencing.

Rigterink highly appreciated the reforms in Uzbekistan under the authority of the President of the Republic of Uzbekistan and confirmed the EBRD's intention to continue financial, investment and consulting support of the economic transformation processes in the Republic.

The Acting EBRD's President informed the Uzbek side of the approval of financing for Thermal Power Plants JSC amounted to EURO 88.6 million by the Board of Directors to ensure the uninterrupted operation of power generating enterprises in Uzbekistan in the autumn-winter.

He also disclosed that the EBRD would support direct investments of Masdar (UAE) in the Construction of a 100 MW Photovoltaic Power Plant in Karmaninsky district of Navoi region through financing to the Emirati company totaling USD 60.0 million.

During the video-conference, the parties also discussed expansion of cooperation in order to attract investments to promising investment projects on PPP terms in Uzbekistan in energy, health care and infrastructure development.

They emphasized the Bank's willingness to expand the program of financial support for small and medium-sized businesses, which will create additional opportunities for new jobs and increase human wellbeing in the country.

After negotiations, the parties proposed the next steps for the further development of bilateral cooperation under designated areas.

Source: Ministry of Investments, Industry and Trade of the Republic of Uzbekistan