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OPEC Fund supports Uzbekistan’s social and economic reforms agenda
April 20, 2022: The OPEC Fund for International Development has signed a US$100 million loan agreement with the government of Uzbekistan to support a reform program to promote a faster and more equitable transition of the country towards a market economy. The program is developed in cooperation with the World Bank, which has also approved a $400 million loan to support its implementation.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa, who signed the agreement in a virtual ceremony with Deputy Minister of Finance Odilbek Isakov said: “Our partnership with Uzbekistan has flourished in recent years and contributed to the ambitious socio-economic development agenda of the country. We are proud to further support Uzbekistan’s efforts to transition to a competitive and inclusive market economy and hope to deepen our fruitful partnership.”
“Accelerating Uzbekistan’s Transition Program” constitutes a number of important legislative initiatives, including the adoption of a new regulatory framework for state-owned companies, a new debt law, and a new labor code. The program also supports the approval of a fully-consolidated state budget for 2022, and the ratification of the United Nations Convention on the Rights of Persons with disabilities.
In recent years Uzbekistan has embarked on an extensive reform program focusing on the transition to a market economy with a focus on increasing citizens’ incomes, creating more jobs, providing accountability and transparency as well as promoting social and economic inclusion.
In support of Uzbekistan’s sustainable growth agenda and aligned with the country partnership strategy, the OPEC Fund has provided close to US$550 million financing through its public and private sector windows and grants for the development of the water supply & sanitation, agriculture, transport, education, and financial sectors in Uzbekistan.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. The OPEC Fund was rated AA+/Outlook Stable by Fitch and AA/Outlook Positive by S&P in 2021. Our vision is a world where sustainable development is a reality for all.