OPEC Fund €70 million loan will support key reforms in energy, agriculture, and social inclusion in Uzbekistan

December 20, 2024: The OPEC Fund for International Development (the OPEC Fund) is providing a €70 million loan to Uzbekistan to co-finance the Second Inclusive and Resilient Market Economy Development Program. The program has been developed in collaboration with the World Bank and aims to support reforms that strengthen markets, enhance fiscal risk management and improve social inclusion and climate action in Uzbekistan.

OPEC Fund President Abdulhamid Alkhalifa said: 

“Uzbekistan’s ambitious reforms and long-term vision for sustainable development are inspiring. This loan builds on our strong partnership and supports critical changes that will contribute to economic diversification, social inclusion and climate resilience, ensuring tangible benefits for the people.”

The loan will support Uzbekistan's transition to an inclusive and resilient market economy, focusing on three key areas: creating markets, improving fiscal risk management and public procurement as well as advancing social inclusion and climate action. The program aligns with the government’s reform agenda by enhancing the business and investment environment, and by increasing efficiency in the agriculture, rail and energy sectors. It further aims to strengthen fiscal risk management, particularly in public-private partnerships and public procurement systems, while expanding social protection measures and advancing climate action and environmental sustainability.

“Uzbekistan 2030,” the country’s National Development Strategy, strives to raise the nation to upper middle-income status by 2030 through sustainable economic growth, environmental protection and social equity measures.

The OPEC Fund’s partnership with Uzbekistan dates back to 1999 and includes more than 30 public and private sector projects with a total loan volume of over US$800 million. A country partnership framework agreement, signed in 2024, earmarks US$500 million in new OPEC Fund financing to support the country’s sustainable development agenda until 2029.

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 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$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.