AKIPRESS.COM - Following the launch of a broad reform programme in Uzbekistan, the EBRD is taking its engagement with the Central Asian country to a new level by opening an office and signing the first new projects since 2010, the EBRD said.

EBRD First Vice President Phil Bennett opened the Bank’s new Resident Office in the capital Tashkent.

Demonstrating the EBRD’s new stage of engagement with Uzbekistan the Bank also signed three loan agreements during First Vice President Bennett’s visit for a combined total of $120 million. The largest will be a $ 100 million facility to the National Bank for Foreign Economic Activity of the Republic of Uzbekistan for on-lending to small and medium-sized enterprises (SMEs) and trade finance. At the same time the agribusiness company LLC JV Agromir Juice and the medical supplier Mutabar Medical Standart LLC will receive around US$ 10 million loans each for their expansion and growth. Finally, the EBRD signed a Memorandum of Understanding with the Chamber of Commerce and Industry of Uzbekistan on joint work to improve competitiveness of SMEs in the context of the Bank's Small Business Initiative.

The EBRD’S current objectives in Uzbekistan are to support domestic SMEs, promote trade finance and cross-border cooperation as well as facilitate foreign direct investment that will result in the transfer of technologies and know-how and thus the improvement of the competitiveness of the Uzbek economy. It is expected that the EBRD Board of Directors will agree a new country strategy for Uzbekistan in 2018, which will set out longer-term strategic priorities.