AKIPRESS.COM - The EBRD Board of Directors has approved a new strategy for Uzbekistan which sets out the Bank’s priorities in the country for the next five years. The strategy reflects recent changes in the country’s political and macroeconomic environment and is aimed at the creation of an open, integrated and export-driven economy.

The Bank’s new phase of engagement with the country was prompted by a major reform programme launched by the government in late 2016 moving towards a more open, integrated market economic model, improving international relations, strengthening the rule of law and judicial independence and achieving the liberalisation of the foreign exchange rate. Reducing the state’s presence in the economy, improving the business environment and facilitation of foreign direct investments are among the top priorities of the Uzbek authorities.

The new EBRD strategy for Uzbekistan recognises the need to strengthen the country’s democratic institutions, expand the role of civil society, provide greater freedom to mass media and promote women’s entrepreneurship. The Bank will also continue monitoring progress on the eradication of forced and child labour in sectors such as the cotton growing industry.

The EBRD’s operational and strategic priorities in Uzbekistan will be based on the following three pillars: enhancement of competitiveness by strengthening the role of the private sector; promotion of green energy and efficient use of resources; support increased regional and international cooperation and integration.