The European Bank for Reconstruction and Development (EBRD) adopted a five-year strategy for financing projects in Uzbekistan, the press service of the bank said.
The strategy involves investing in private companies in order to increase their competitiveness, in projects related to energy efficiency, and in support of regional and international cooperation of the country.
“The new EBRD strategy for Uzbekistan recognizes the need to strengthen democratic institutions of the country, expand the role of civil society, provide greater freedom of the media and promote entrepreneurship among women. The Bank will also continue to monitor progress on eradicating forced and child labor in sectors such as cotton growing,” the bank’s report reads.
Uzbekistan became a member of the EBRD in April 1992, and the representative office of the bank was opened in Tashkent in May 1993.
In March 2017, after a long pause in the relationship between the bank and Uzbekistan, the EBRD delegation headed by Chakrabarti visited Uzbekistan. In November last year, the bank's representative office resumed its work in the country.
According to the EBRD, over the past time the bank has provided the government of Uzbekistan and private companies with € 899 million across 54 projects.