The Asian Development Bank (ADB) has launched a new country partnership strategy for Uzbekistan for the period 2024-2028, which will support the country's reforms towards transforming into a green and inclusive economy, the ADB press release says.
Under the new five-year strategy, ADB will collaborate with the government of Uzbekistan to promote the country's transition to a green economy, support private sector development and competitiveness, and stimulate investments in human capital.
The strategy aligns with the government's priorities outlined in the long-term national development plan "Uzbekistan-2030," the statement noted.
"The new ADB country partnership strategy for Uzbekistan will support the country in achieving its strategic goals of transitioning to a green economy by 2030," said ADB Director General for Central and West Asia, Evgeny Zhukov. "ADB remains committed to assisting the country in maintaining sustainable economic growth and reducing poverty, even in the face of external global and regional shocks."
The new strategy envisions ADB's measures in various sectors, including energy, public sector management, finance, transport, agriculture and natural resource management, as well as urban development. The bank will also support the development of education and social protection.
"ADB will mobilize its sovereign operations and private sector operations in the country, alongside policy dialogue and innovative solutions to achieve the strategic goals of the new partnership," noted Kanokpan Lao-Araya, ADB's Resident Representative in Uzbekistan.
To support favorable conditions for expanding the role of the private sector in the economy, ADB will strengthen macroeconomic and fiscal reforms, as well as the transformation and preparation of state-owned enterprises for privatization, the bank said.
Additionally, ADB will support private sector participation in economic development, including through the improvement of domestic financial markets and infrastructure investments.
ADB is expected to increase its support for the private sector through direct non-sovereign financing and public-private partnerships.
To achieve Uzbekistan's human capital development goals by 2030, ADB's support will focus on improving the quality, inclusiveness, and relevance of education and skill development across the country, expanding access to healthcare and social services, including through encouraging broader private sector participation, and strengthening social protection for the most vulnerable populations.
In line with its strategic shift towards private sector operations, ADB will expand partnerships for co-financing and dialogue with local and international companies, investors, and business associations. ADB will also continue fruitful partnerships with civil society organizations in tackling climate change, investing in people, advocating for gender equality, and supporting vulnerable groups.
Uzbekistan joined ADB in 1995, and since then, the bank has provided the country with loans, grants, and technical assistance amounting to $12.5 billion.
CentralasianLIGHT.org
August 27, 2024