EBRD’s New 5-Year Strategy in Uzbekistan
Uzbekistan Attracts $760 Million from European Bank for Reconstruction and Development
In 2023, Uzbekistan became the leading recipient of financing from the European Bank for Reconstruction and Development (EBRD) in Central Asia, attracting over $760 million. The EBRD’s Board of Directors approved a new 5-year strategy for the country, focusing on key areas for development.
The EBRD’s approach to activities in Uzbekistan until 2029 will be based on supporting decarbonization, water efficiency, and cleaner energy. This includes promoting an increase in the share of renewable energy sources in total electricity production and modernizing power grids to reduce methane emissions. The Bank also plans to allocate additional funds for the modernization of water supply, sewerage, and irrigation facilities.
Additionally, the EBRD aims to support the development of the private sector, promoting employment, skills development, inclusion, and transition to digital technologies. This includes expanding support to small and medium-sized enterprises and improving the energy efficiency of women- and youth-led businesses.
The bank also plans to focus on improving economic governance, business climate, and expanding infrastructure connectivity. This includes promoting the digitalization of the private sector, as well as improving the management of state-owned enterprises and banks.
Furthermore, the EBRD intends to promote dialogue between the state and business through the Foreign Investors Council under the President to increase foreign direct investment in the Uzbekistan economy. The Bank also plans to help improve transport links, stimulate regional energy trade, and remove trade barriers.
Uzbekistan has been the leading recipient of EBRD financing for four consecutive years, with the bank having invested 4.28 billion euros in the country through 147 projects, directing most of the funds to support the private sector. This new strategy will continue to strengthen the partnership between Uzbekistan and the EBRD in the coming years.
