DEVELOPMENT NEWS
Supporting agriculture and energy reforms in Uzbekistan
Program developed in collaboration with the World Bank
T he OPEC Fund is providing a €70 million loan to Uzbekistan to co-finance the Second Inclusive and Resilient Market Economy Development Program. The program has been developed in collaboration with the World Bank and aims to support reforms that strengthen markets, enhance fiscal risk management and improve social inclusion and climate action in Uzbekistan. The loan will support Uzbekistan’s transition to an inclusive and resilient market economy, focusing on three key areas: Creating markets; improving fiscal risk management and public procurement; and advancing social inclusion and climate action. The program aligns with the government’s reform agenda. “Uzbekistan 2030,” the country’s National Development Strategy, aims to raise the nation to upper middle-income status by 2030 through sustainable economic growth, environmental protection and social equity measures.
Uzbekistan’s National Development Strategy aims to raise the nation to upper middle-income status by 2030.
Supporting food security and climate action in Uzbekistan A US$35 million OPEC Fund loan to Uzbekistan’s Asaka Bank will enhance food security and expand financing for climate action projects in the Central Asian country. The funding will help increase access to finance for agriculture and strengthen the bank’s climate finance portfolio. Agriculture is a key driver of Uzbekistan’s economy, accounting for 25 percent of the country’s GDP. Increasing financial support for small-scale farmers can create far-reaching benefits. State-owned Asaka Bank will on-lend the OPEC Fund’s loan to small and medium-sized enterprises and agribusinesses, enabling them to access essential financing for growth. This will help farmers and rural enterprises secure critical services, adopt modern technology and expand market access.
Photo: Sergey Malomuzh/Shutterstock
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