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Uzbekistan|economy|March 19, 2024 / 05:07 PM
AIIB allocates $670 million for project on transition to sustainable market economy in Uzbekistan

AKIPRESS.COM - The Asian Infrastructure Investment Bank (AIIB) has approved $670 million in financing to support Uzbekistan's ongoing reforms and advance the country's transition to an inclusive and sustainable market economy, UzA reports.

The Ministry of Economy and Finance of Uzbekistan will act as a borrower in this project, which will support the government in carrying out reforms in developing markets, improving fiscal risk management, and supporting social inclusion and environmental sustainability. The project envisages several sectoral transformations in the energy, agriculture, railway, and chemical sectors.

The reforms will create markets that provide positive environmental impacts, improve Uzbekistan's fiscal management and procurement systems, and promote social inclusion and environmental sustainability by improving social programs for those most vulnerable to economic shocks. They will also enhance the efficiency of healthcare and government services.

The project is supported under the Special Fund for COVID-19 Crisis Recovery Facility and is jointly financed by the World Bank.

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