US OPIC ready to expand cooperation with Uzbekistan

On July 18, 2019, in Washington, the delegation of Uzbekistan held talks with the Acting President and CEO of Overseas Private Investment Corporation (OPIC) David Bohigian.

According to the Embassy of Uzbekistan, OPIC supports American investors in insuring property interests against political risks, financing projects and supporting private investors by providing short-term and long-term loans.

Since 1993, Uzbekistan has implemented 10 projects worth $231 million in the telecommunication, geology, tourism and education spheres with the involvement of financial resources and insurance of the Corporation.

At the beginning of the conversation, David Bohigian highly appreciated the ongoing large-scale reforms in Uzbekistan aimed at ensuring the sustainable development of the country, liberalizing the economy and improving the business climate, supporting investors and business initiatives. According to him, the visit of such a representative delegation of Uzbekistan to the United States to hold meetings and investment forums in the cities of Washington and New York with the participation of large American companies is an extremely important signal to the US business community that Uzbekistan is a reliable partner and investing in it is attractive, profitable and safe.

The head of the Corporation noted the “new opportunities opening up for Uzbekistan” in expanding cooperation on the use of financial instruments and concessional loans of the US International Development Finance Corporation, which will combine the functions of OPIC and the US Agency for International Development. It will have a budget of more than $60 billion.

The parties agreed to establish direct working contacts to ensure the financing of projects in the fields of energy, tourism, construction of affordable housing, as well as provision of insurance guarantees and lines of credit for commercial banks of Uzbekistan.

The American side also expressed willingness to participate in the Uzbek-American business forum, scheduled to be held in Washington in October in cooperation with the Uzbek-American Chamber of Commerce.