Allocation of $600 Million for Pharmaceutical Investment Projects
The Uzbek government is gearing up to boost its pharmaceutical industry with a significant investment of up to $600 million. President Shavkat Mirziyoyev recently signed a decree outlining a roadmap to stimulate and expedite investment projects in the pharmaceutical sector until 2025.
As part of this initiative, a credit line of $100 million will be extended to Asakabank from the Reconstruction and Development Fund at a low interest rate of 5% per annum for up to 10 years, including a grace period of 4 years. This funding will be utilized to attract foreign technologies and support the production of medicines, medical products, and equipment.
Further bolstering this effort, MIIT and Asakabank are set to secure a $500 million loan from foreign banks and international financial institutions by the end of the year. In collaboration with the Agency for Development of the Pharmaceutical Industry, Asakabank will allocate these funds to finance investment projects in the pharmaceutical field.
To accommodate these new projects, the Ministry of Investment, Industry and Trade, along with the local administrations of Tashkent, Jizzakh, Namangan, and Andijan regions, will conduct an inventory of land areas within special economic zones specializing in pharmaceuticals over the next two months.
The inventory of land for these new projects underscores the government’s commitment to revitalizing and expanding the pharmaceutical industry in Uzbekistan. With a clear strategic plan in place and substantial financial support, the country aims to enhance its domestic pharmaceutical production and attract foreign investment and expertise in the field.
