World Bank to allocate $500 million for an agricultural modernization project in Uzbekistan 

The resolution sets out the priorities of the World Bank-funded project, the scheme and procedures for the use of funds.

According to it, the total cost of the project is $659.3 million and is intended for 6 years (2020-2026). The World Bank will allocate a total of $500 million for a period of 30 years:

• a loan of $181 million from the IBRD with a 10-year grace period;
• a loan of $100 million from the IDA with a 10-year grace period;
• a concessional loan of $219 million from the IDA with a 5-year grace period.

It is noted that the share of Uzbekistan in the project is $159.3 million, including the share in the form of tax and customs benefits, payment of financial costs during the investment period – $124.3 million.