The Asian Development Bank has approved two loans to Uzbekistan totaling $400 million to implement large-scale reforms in the energy sector aimed at improving its efficiency and competitiveness, as well as developing the country’s financial markets.
ADB’s Director General for Central and West Asia, Evgeny Zhukov, said that the reforms supported by these programs will help create an enabling environment for regulators and companies to play their part in stimulating development by creating reliable domestic financial markets and meeting energy needs while fighting climate change.
ADB will provide $300 million to reform Uzbekistan’s energy sector, including creating a more effective governance structure, improving legislation, and attracting private investment.
To develop Uzbekistan’s financial market, ADB will provide $100 million to implement regulatory and institutional reforms aimed at improving market conditions to optimize financial transactions and services, and to increase supply and demand side measures to grow capital markets.
Uzbekistan joined ADB in 1995, and since then, the bank has provided $12.5 billion in loans, grants, and technical assistance to the country.
