World Bank to allocate funds for building institutional potential of Uzbekistan 

This information was announced during a meeting at the Ministry of Economy of Uzbekistan with representatives of the World Bank mission. 
 
According to the information service of the Ministry of Economy, the main purpose of the ongoing negotiations was to inform and discuss the new project “Building the institutional potential of Uzbekistan”. 
 
The project will be implemented in the following components: 
 
• Improving the efficiency of public finance management ($ 11 million) – assistance for managing public finances, which promotes well-balanced fiscal discipline, achievement of public policy objectives and institutional accountability. 

• Creating conditions for market-oriented corporate sector operations ($ 8.5 million) – supporting modernization and restructuring of the financial sector in order to facilitate the restructuring of state enterprises and stimulate economic growth by the private sector. 

• Providing technical assistance to the economic council. 
 
In addition, the WB mission noted that negotiations are underway with the EBRD on co-financing and implementing measures for institutional support for conducting reforms. 
 
During the meeting, issues of assistance from the World Bank in creating a foundation for the project preparation (approximately $ 5 – 80 million) were also discussed. The funds will be directed to the preparation of new projects, including development of feasibility studies, pre-feasibility study projects, creation of a mechanism for financing public-private partnership. 
 
In turn, the Uzbek side provided information on the ongoing reforms and realization of joint work with the WB in the energy sector. 
 
Moreover, it was proposed to consider the issue of including in the project a component to improve the efficiency of the agrarian-industrial complex, information service of the Ministry of Economy noted.