IDB is expanding its operations in Uzbekistan

On February 14, 2022, S. Umurzakov, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan, chaired a video conference with the President of the Islamic Development Bank (IDB) Mohammed Sulaiman Al-Jasser.

The talks focused on the current state and prospects of mutually beneficial cooperation. In fact, in recent years, the activities of the IDB in Uzbekistan are expanding at a rapid pace. Currently, the IDB's investment portfolio in Uzbekistan consists of 29 projects worth $ 1.8 billion US. Of these, 21 projects worth $ 996 million US have been implemented and 8 projects worth $ 825 million US are being implemented.

The IDB leader welcomed the adoption of the Development Strategy of Uzbekistan for 2022-2026, emphasizing the urgency of the priorities set out in it, and expressed alacrity to implement this Strategy and contribute to the further development of socio-economic reforms in Uzbekistan.

An agreement was reached with the IDB to jointly launch a new Partnership Program for 2023-2025. The sides exchanged views on priority areas of cooperation, which include increasing employment and skills, empowering women in regions and rural areas, developing youth entrepreneurship and supporting startups, and modernizing water supply, sewerage, utilities, and transportation infrastructure. The urgency of enhancing the education system using the new SmartED financing mechanism, developed by the IDB in cooperation with the Arab Coordination Group, was also highlighted.