EBRD President signs loan agreements, memoranda of understanding in Uzbekistan
Aug 2, 2018 3:04 pm
European Bank for Reconstruction and Development (EBRD) President Suma Chakrabarti travelled to Uzbekistan 1 to meet with President Shavkat Mirziyoyev and sign several loan agreements with private companies and memoranda of understanding with the government aimed at supporting energy and energy efficiency-related investments, privatisation and capital market development.
EBRD experts find Uzbekistan has a strong external position, as it has $27 billion in net international reserves (according to March data) and external debt of only approximately $16 billion, which is 33 percent of its GDP. The exchange rate has remained stable at 8,000-8,100 sum per US dollar after the September 2017 devaluation. Average inflation accelerated from 8 percent year-on-year in 2016 to 12.5 percent in 2017, reaching 14.4 percent by end-2017.
EBRD is the largest institutional investor in the Central Asian region, with close to $12.3 billion committed to projects in a variety of sectors, from infrastructure to agriculture, with a focus on private sector development.
EBRD invested $1.045 million in 54 Uzbek projects from 1992-2010. By the end of 2017, the bank had signed its first six new operations in the country since 2010, totalling more than $179 million.
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