Points of Intersection

BUSINESS 09 July 2016 875

World Bank (WB) Board of Executive Directors has approved a new Concept of Partnership with Uzbekistan for 2016-2020 fiscal years.

The new partnership program is based on a comprehensive analysis of economic conditions that will challenge Uzbekistan in the short and medium term. Besides, it is built on a wide ranging dialogue with the government and consultations with representatives of civil society, academia and the business community, professional associations, multilateral and bilateral donors.

The Concept also supports the national goal of achieving a position in the top segment in the group of countries with average incomes by 2030. It will be achieved by increasing the competitiveness of the economy, improving business environment and infrastructure to sustain the conditions for rapid creation of jobs.

The document focuses on three priority areas: growth of the private sector, competitiveness of agriculture and modernization of cotton growing, as well as improvement of quality of public services.

Within the first thrust, the World Bank will help to improve the business environment and encourage private sector investment. With regard to the development of the agrarian sector, the WB will support the reforms that are aimed at building of a more profitable market system with intensive engagement of labor resources, along with a more sustainable land and water resources management.

As part of improving the quality of public services, the World Bank Group will support Uzbekistan in expanding access to water and sanitation, improving the quality of education and health, as well as in streamlining transport links and integrated urban development.

Uzbekistan joined the World Bank in 1992, and the International Finance Corporation (IFC) - in 1995. Current liabilities of the World Bank in Uzbekistan have exceeded $2 billion. Since 1996, IFC has invested $144.7 million in Uzbekistan, supported 28 projects on private sector development in the financial sector, agribusiness and food processing sector. 

Source: Jahonnews.uz

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