IDB to allocate $1.6 billion for projects in Uzbekistan

On August 18, Shavkat Mirziyoyev, as part of his state visit to Saudi Arabia, held talks with the President of the Islamic Development Bank (IDB), Muhammad bin Sulaiman Al Jasser.

Photo: Presidential press service

During the talks, the parties discussed issues of further expanding cooperation. A separate program has been adopted, providing for the bank’s approval by the end of the year of funding worth $1.6 billion for major projects and programs in Uzbekistan. As noted, this will be an important step towards bringing relations with the IsDB to a qualitatively new level and adopting a country cooperation program for 2023-2026.

In addition, the importance of organizing the activities of a full-fledged representative office of the bank in Tashkent and introducing new financing instruments was noted.

Confidence was expressed that the Economic Empowerment Fund of Uzbekistan will be able to make an important contribution to solving the problems of reducing poverty, improving the welfare of the population, and developing entrepreneurship, especially among women and youth.

The sides exchanged views on issues of cooperation in the implementation of important regional transport infrastructure projects, environmental programs in the Aral Sea region, as well as the provision of humanitarian assistance to Afghanistan and its socio-economic reconstruction with the support of a separate IDB trust fund.