President Mirziyoyev discusses strategic projects with EBRD and IDB leaders

EBRD collaboration expands

Mirziyoyev first met with EBRD President Odile Reno-Basso, with whom he discussed practical aspects of broadening their collaboration. The EBRD has invested more than €5 billion in Uzbekistan, making the country its largest partner in the region. This partnership has played a key role in the privatization of the banking sector, as well as the enhancement of the legal and regulatory framework for investment and land usage in the country.

The President emphasized the need to improve project preparation, increasing both quality and efficiency. He also underlined the importance of expanding the cooperation strategy between Uzbekistan and the EBRD. Priority areas for future collaboration include energy efficiency, supporting small and medium-sized enterprises, fostering women and youth entrepreneurship, promoting public-private partnerships in the social sector and infrastructure, and advancing the development of “green” cities.

Mirziyoyev and Reno-Basso also discussed the preparation and organization of the upcoming meeting of the Foreign Investors’ Council, set for 2025, as a key moment to strengthen Uzbekistan’s relationship with global investors.

Strengthening ties with the Islamic Development Bank

Later in the day, Mirziyoyev met with Islamic Development Bank (IDB) President Muhammad Sulaiman Al Jasser. This meeting highlighted the growing partnership between Uzbekistan and the IDB. Mirziyoyev praised the fruitful cooperation between the two parties, particularly the successful meeting in March 2024 in Tashkent with leading Islamic financial institutions under the Arab Coordination Group.

The IDB has significantly contributed to Uzbekistan’s development, with a portfolio exceeding $4 billion. Notably, 40% of these projects are directed toward the private sector. As part of ongoing efforts, a joint fund is being created to expand Uzbekistan’s economic capabilities, with a focus on sectors such as education, healthcare, infrastructure, entrepreneurship, and ecology.

The President also discussed the role of the IDB in financing major industrial and mining projects in Uzbekistan, as well as efforts to mobilize private investment and engage the bank’s structures more actively in project implementation.

Progress in key sectors

Both meetings underscored Uzbekistan’s commitment to enhancing collaboration with international financial institutions in key areas of development. Mirziyoyev noted that projects in water supply, energy, road infrastructure, and “green” urban development are crucial for the country’s continued progress. Recent initiatives, such as the EBRD’s investment in the Urganch-Khonqa-Hazorasp-Toshsoqa highway and the IDB’s funding for rural development, were highlighted as examples of successful partnerships.

Additionally, the EBRD and IDB have supported initiatives aimed at sustainable development and the promotion of renewable energy, with the EBRD’s $65 million loan for the production of renewable hydrogen in Uzbekistan marking a significant milestone in this regard.

Looking ahead

As the President continues to foster these strategic partnerships, the upcoming years hold promise for increased investment, particularly in sustainable and socially impactful projects. The meetings at COP29 reaffirmed the importance of international collaboration in achieving Uzbekistan’s long-term economic and environmental goals.