Uzbekistan plans to borrow ¥15 billion and $195 million from JICA

The draft resolution of the Cabinet of Ministers “On measures to implement the project “Support to the development of a transition to a transparent and broad market economy in Uzbekistan” with the participation of the Japan International Cooperation Agency” has been announced.

It is planned that the loan funds allocated by JICA under the project will be used to finance expenditures of the republican budget.

The results of the loan negotiations under the project are as follows:

• a reform matrix will be developed and implemented in Uzbekistan by the World Bank and JICA to allocate ¥15 billion for a 15-year period with a grace period of 15 years as emergency assistance to combat the negative effects of the coronavirus pandemic;
• $195.0 million will be allocated for a 25-year period with a grace period of 7 years to implement the energy reform matrix developed by JICA. The Ministry of Energy and Thermal Power Plants JSC will be responsible for the realization of the project.

During the negotiations, the Central Bank was announced as the financial agent of Uzbekistan in order to optimize the process under the project.