The Asian Development Bank (ADB) is providing Uzbekistan with two loans totalling $400 million to strengthen financial markets and develop a sustainable market-oriented energy sector, Trend reported, citing an ADB statement.
One of the $300 million loans aims to support the legal and regulatory framework and energy sector management to encourage investment, as well as reforms to reduce carbon emissions and increase energy efficiency.
The second $100 million loan will support regulatory and institutional reforms aimed at improving market conditions to optimise financial transactions and services.
Eugene Zhukov, ADB Managing Director for Central and West Asia, said active private sector engagement is vital for Uzbekistan’s economic growth and transformation.
“Key initiatives supported under this sub-programme include the transfer of all capital market regulatory powers to a specialised regulator, a proposed law unifying all capital market regulations, the publication of comprehensive market data on the internet to ensure transparency and access, a public debt law supporting bond issuance to finance green and social projects, and a sandbox regime on fintech regulation to facilitate access to the capital market.”
It is worth noting that Uzbekistan became a member of the Asian Development Bank in 1995 and in 1998 the ADB opened its permanent representative office in Tashkent. Over the years, the Bank has provided the country with loans, grants and technical assistance worth $12.5 billion.
