IBRD to grant Uzbekistan $500 million to support market reforms

The International Bank for Reconstruction and Development (IBRD) will provide a loan of $500 million to Uzbekistan. This is stated in a presidential decree signed on November 13.

A loan agreement with the IBRD was inked on July 19, 2019.

The loan has a repayment term of 30 years, including a 5-year grace period. The loan will be directed to finance the republican budget expenditures within the framework of the project “Support to market reforms in Uzbekistan” with participation of the World Bank.

The Ministry of Finance is responsible for coordinating and monitoring the implementation of the project, targeted and effective use of the IBRD loan. Project implementation agents are the Central Bank, the State Statistics Committee, the Ministry of Labor and the Ministry of Finance.

Repayment of the loan, payment of interest, commissions and other payments are made from the funds of the republican budget of Uzbekistan.