The Asian Development Bank (ADB) has approved a $400 million loan package to support Uzbekistan’s efforts to strengthen its financial markets and develop a sustainable power sector. The funding will be channeled through two subprograms aimed at enhancing the country’s economic growth and addressing climate change challenges.
The first subprogram allocated $300 million, will focus on reforming the power sector by promoting private sector participation, improving governance, and increasing renewable energy adoption. Key initiatives include establishing an independent energy regulator, decoupling the central buyer and retail functions, and developing a comprehensive energy sector master plan.
The second subprogram, with a $100 million allocation, will target the development of financial markets by streamlining financial transactions, increasing capital and money market activities, and promoting transparency through the publication of integrated market data.
“These reforms are crucial for Uzbekistan’s economic transformation,” said ADB Director General for Central and West Asia Yevgeniy Zhukov. “By strengthening financial markets and promoting a sustainable power sector, Uzbekistan can create a more conducive environment for businesses to thrive and contribute to the country’s development.”
ADB’s support for Uzbekistan extends beyond financial assistance, with the bank providing technical assistance and advisory services to help the country implement these reforms effectively.
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