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ADB, Uzbekistan agree to implement 27 projects worth $2.8 bln by 2025

TASHKENT. Sept 21 (Interfax) – Uzbekistan and the Asian Development Bank (ADB) have agreed on the implementation of 27 projects totalling $2.8 billion in the period of 2022-2024 as part of the expansion of their cooperation, the country’s Investments and Foreign Trade Ministry said.

Deputy Prime Minister and Investments and Foreign Trade Minister Khodjayev Jamshid and ADB vice president for administration and corporate governance Bruce Gosper discussed the current state of and prospects for cooperation between Uzbekistan and the ADB in a video conference call.

The ADB’s current portfolio consists of 24 projects in the areas of infrastructure construction, energy, housing and utilities, healthcare and agriculture totaling $3.7 billion. However, there is great potential for expanding the attraction of investment to various sectors of the economy, the ministry said.

"As part of the business plan for the ADB’s country operations for 2022-2024, agreement has been reached on the joint implementation of 27 projects totaling $2.8 billion," the ministry said.

It said negotiations have been concluded on two projects aimed at developing the mortgage market and supporting the budget totaling $650 million. "Agreement was reached to take steps to sign agreements on these projects before the end of this year," the ministry said.

The bank still expects Uzbekistan’s GDP to grow by 4% in 2022, according to the latest Asian Development Outlook published by the ADB on Wednesday. However, the bank has raised its economic growth forecast for the country in 2023 from 4.5% to 5% due to an anticipated increase in money transfers to Uzbekistan.

Uzbekistan’s GDP grew by 7% in 2021 after growing by 1.6% in 2020.