EBRD calls on businesses to invest in Uzbekistan

President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso called on business to follow the bank’s example and invest in Uzbekistan’s economy. She made this statement during the 2023 Annual Meeting of the Board of Governors of the EBRD in Samarkand.

According to Renaud-Basso, Uzbekistan is going through a deep transformation process and many useful reforms are underway in the country. All this makes Uzbekistan a good place for foreign investments.

EBRD invested more than $3 billion in Uzbekistan over the past six years and this country has been the biggest recipient of the bank’s funds in Central Asia three years in a row. In 2022, Uzbekistan received $900 million from EBRD, a record high in the region.

«I think that this is the right moment for other investors to follow our example,» Renaud-Basso said.

According to Sardor Umurzakov, head of the Office of the President of Uzbekistan and deputy head of EBRD’s Board of Governors, the private sector in Uzbekistan is the key driver of the growing flow of funds from the development institute.

In Uzbekistan, EBRD pours funds into green energy, public-private partnership, infrastructure, business and female entrepreneurship. The bank also promotes reforms of the system of public administration and privatization.

Recently, EBRD has agreed to provide $205 million for Masdar, a company from the UAE, which is going to build three solar power stations in Uzbekistan with a combined capacity of 900 megawatts.