The Ministry of Economy and Finance has signed an agreement worth €9 million (grant funds) with the German International Cooperation Society to increase the capacity of the private sector for "green" industrialization in Uzbekistan and to implement a consultation project on economic policy.
The agreement was inked on December 3 by First Deputy Minister Ilhom Norkulov on behalf of the Ministry of Economy and Finance, and Torsten Brezina, coordinator of the Central Asia regional programs cluster from the German International Cooperation Society, on the sidelines of the UN Climate Change Conference held in Dubai.
At the meeting, the parties exchanged views on the private sector development project in Uzbekistan and consultation processes on economic policy.
"The project will help the Ministry of Economy and Finance to implement economic reforms and provide conditions for sustainable economic development, with a particular focus on strengthening the capacity of the state and private sector in terms of "green" industrialization and "green" economy," the ministry said in a statement.
The project provides expert knowledge on greenhouse gas measurement and certification, supports Uzbekistan's participation in international trade with CO2 certificates and adaptation to the European Union's Transboundary Regulatory Mechanism.