OPEC Fund, Uzbekistan ink a framework agreement worth $500 million

The Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development and the Ministry of Economy and Finance of Uzbekistan signed a framework agreement on cooperation, the OPEC press service reported.

Between 2024 and 2029, it is planned to finance new projects in the field of sustainable development for $500 million.

The OPEC Fund provided a loan of $20 million for a government project in the field of preschool education. Using borrowed funds, up to 200 preschool institutions will be built throughout the republic for almost 30 thousand students. The project is co-financed by the Islamic Development Bank and private sponsors.

To date, the OPEC Fund has provided $760 million in loans to finance approximately 30 public and private projects. Approximately 30% of the allocated funds are aimed at improving water supply and sanitation. In particular, a project worth $37 million is being implemented in the Samarkand region to modernize the water supply infrastructure for 70 thousand people.