Uzbekistan to buy shares of World Bank Group members for $24 million

On November 30, President Shavkat Mirziyoyev approved the purchase by Uzbekistan of additional shares of the members of the World Bank Group. The corresponding decree was published in the Lex.uz database.

In particular, Uzbekistan plans to purchase 12,781 shares of the International Finance Corporation for $12.78 million.

In addition, the republic will receive 762 shares of the International Bank for Reconstruction and Development for $11.48 million. Also, if necessary, upon notification of the IBRD, shares for $80.45 million will be issued – the total amount of the transaction will be $91.92 million.

In total, the state will spend $24.36 million on the purchase of shares in IBRD and IFC. However, this amount could expand to $104.7 million.

The Ministry of Finance was ordered to provide for the allocation of shares for the purchase of shares in the state budget for 2022-2025. According to the schedules, Uzbekistan plans to pay off the IBRD in 2 years, and with the IFC in 4 years.

The resolution was adopted in accordance with the decision of the boards of the IFC and the IBRD to increase their authorized capital and distribute additional shares between the member countries of these organizations.